Chinese investors join JV for A$6b Australian development project
Springfield Land Corp. has signed a development agreement with Chinese development and investment groups Guangzhou R&F Properties Co. and Etone Australia Holdings to develop a residential project near Brisbane, Australia.
Central Gardens, located in the heart of Greater Springfield, will comprise approximately 10,000 apartments plus ancillary commercial and retail space. The estimated end value is more than A$6 billion ($4.6 billion).
Greater Springfield is one of Australia's fastest emerging new cities — a city within the city of Ipswich — with a current population of approximately 34,000 people, which is expected to grow to 86,000 residents by 2030. The community is approximately 30 minutes from Brisbane's CBD, 35 minutes from Brisbane's domestic and international airports, and 50 minutes from the Gold Coast.
Approximately A$12.7 billion ($9.7 billion) has been invested in Greater Springfield so far, and t