SINGAPORE (EDGEPROP) - Ho Bee Land has announced the acquisition of five residential development sites in Queensland and Victoria, Australia, through its subsidiaries HB QLD and HBL VIC. The total purchase price is approximately A$96.6 million, with the projects expected to yield around 1,079 residential lots. The sites are strategically located in growth corridors such as Ripley Valley, Park Ridge, Donnybrook, and Batesford, with several benefiting from government infrastructure initiatives and future urban planning enhancements. Notably, the Ballan Road site in Batesford will include a primary school, community facilities, and park land, aligning with the Greater Geelong Planning Scheme.

The acquisitions are part of Ho Bee Land's ongoing strategy to develop master-planned communities in Australia. Financing will be through internal funds and bank borrowings, and the projects are not expected to materially impact the group's earnings or net tangible assets for the financial year ending December 2025. "The projects are in line with the objective of the Group to focus on developing master-planned communities in Queensland and Victoria," the company stated.