On Dec 20, Singapore-listed developer Ho Bee Land announced that it has entered into a joint venture (JV) agreement with Villa World Wollert for the development of two land parcels in Wollert, Melbourne.

The residential land parcels were bought at A$30 million ($31 million) and will be divided into 285 land lots, says Ho Bee Land. The Singapore developer will own a 49% stake in the joint venture company, with Villa World Wollert taking a 51% stake.

According to Ho Bee Land, the property is located less than 30km from Melbourne’s CBD.