Apartment developer spends $60m on land
Villa World sold its half stake in the 500-hectare subdivision to Hyde Property Group, which is controlled by Francis Kwong and Mathew Thomas Phillip. Mr Kwong is the sole shareholder.
Industry sources say the deal is being backed by a Singaporean and Malaysian investment syndicate.
Hyde Property Group will partner Woodhouse Pastoral in the development of the remaining 3550 lots of the 4500-lot subdivision, which includes ownership of the Eynesbury golf course.
It marks the second-biggest transaction for the wholesale land market this year, after the Victorian government sold a planned 2000-home subdivision site of 125 hectares along Hacketts Road in Werribee to Perth-based Satterley Property Group for $103 million.
Oliver Hume development and sales executive Robbie Demian, who negotiated the Eynesbury deal, said it was a positive example of the growing interest in the greenfield market. "The numbers this year are reflecting a rise in sales and demand for residential lots in the growth corridors," he said.
Frank Nagle of Biggin Scott said international and interstate buyers were particularly active in the market.
These large-scale deals come as affordability continues to improve in the retail land market.
The price of a block of land fell from $205,000 to $201,250 in the June quarter, according to Oliver Hume. After including the average developer incentive of $12,500, the net land price is now only marginally above the pre-boom level at $188,750.
Hyde Property Group did not respond to a request for comment. Mr Kwong's previous development venture, Barton Australia Group, was placed into external administration in early 2012 with debts estimated at $14.7 million, according to documents filed with ASIC.
cvedelago@theage.com.au
Frequently Asked Questions about this Article…
Hyde Property Group, controlled by city apartment developer Francis Kwong and Mathew Thomas Phillip (with Kwong the sole shareholder), purchased Villa World’s half stake in the Eynesbury estate for about $60 million.
Hyde Property Group plans to partner with Woodhouse Pastoral to develop the remaining 3,550 lots of the 4,500‑lot subdivision, a package that also includes ownership of the Eynesbury golf course.
Industry sources say the deal is being backed by a Singaporean and Malaysian investment syndicate, indicating offshore institutional support for the transaction.
It’s the second‑biggest wholesale land transaction so far this year, after the Victorian government sold a 125‑hectare Werribee site for $103 million to Satterley Property Group.
Market participants point to a rise in sales and demand for residential lots in growth corridors, with international and interstate buyers particularly active — trends that are boosting interest in the greenfield market.
According to Oliver Hume, the average block price fell from $205,000 to $201,250 in the June quarter. After including the average developer incentive of $12,500, the net land price is now only marginally above pre‑boom levels at about $188,750.
No — Hyde Property Group did not respond to a request for comment, according to the article.
Francis Kwong is a city apartment developer and the sole shareholder of Hyde Property Group. The article notes his previous venture, Barton Australia Group, was placed into external administration in early 2012 with debts estimated at about $14.7 million, according to ASIC filings.
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