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Malaysian-Aussie JV in $4.5 billion residential project

M8 Western Freeway @ wealthruproperty.com 1

M8 Western Freeway heading west from Melbourne CBD

Land between Caroline Springs and Melton could be developed for up to 50,000 homes much sooner than anticipated.

Located 42km northwest of Melbourne CBD Melton is accessible via the M8 Western Freeway.

Local developer Mirvac and Malaysian property developer Jayaland plans to build a $4.5 billion, 717-hectare suburb of up to 20,000 residential homes in Melbourne’s Rockbank, a suburb between Melton to its west and Caroline Springs to the east. This project will be built over the next 15 years on the huge parcel of land which is already owned by the joint venture partners.

The two new suburbs would be split only by the proposed eight-lane Outer Metropolitan Ring Road. A corridor of less than five kilometres of undeveloped land would remain between Melton township and the shire’s eastern suburbs. Land between Caroline Springs and Melton has been earmarked for inclusion in the State Government’s expanded urban growth boundary, but the final boundary and outer ring road alignment are not expected to be finalised until next year.

A second development is a 30,000 residential homes project called ‘Stoneleigh’ next to Caroline Springs which is jointly developed by Hamton & Mondous and Melbourne’s boutique developer Evolve Development Group which is owned by businessman Ron Walker. The estate joins Caroline Springs and spreads west to Plumpton Road, and runs north-south between the Western Freeway to north of the Melton Highway.

Recent news about Evolve include its well-timed developments of 58 apartments in Drummond street, Carlton and the 68 apartments known as Coco in Melbourne’s hip suburb of Prahran.

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