Property group Boyuan Holdings has announced its subsidiary company Austral (BHL) Developments has signed a project-management agreement with another of its subsidiaries, Boyuan Real Estate Holdings, and a third party, Tcap Kelly Street, to develop a 158-lot subdivision at Austral.
Boyuan Real Estate, wholly owned by BHL, owns 40 Kelly Street at Austral, a 2.024 ha site bought for $3.75m last year and representing a 25 per cent interest in the development.
Tcap Kelly Street owns Nos 42, 44, and 46 at Kelly Street, totaling 6.072 ha and representing s 75 per cent interest of the development.
Bank finance has been secured to fund the development and building of the project.
Under the terms of the agreement, Austral (BHL) Developments will earn fees as the developer of the land subdivision and Boyuan Real Estate will earn revenue and income from its share in the development.
BHL chief executive Caden Wan said the development covered a total of 8.096 ha and will yield 158 homes sold before completion.
It has easy access to the M5 and M7 motorways, Leppington train station, Narellan Town Centre and Austral Public School.
“The subdivision is in a prime-quality location which benefits from its proximity to the second Sydney airport and major infrastructure and amenities in and around the south-west growth corridor,” he said.
“It’s in easy access to major transport links such as the M5 and M7 motorways, Leppington train station, Narellan Town Centre and Austral Public School.
“BHL is pleased to be driving this development through our subsidiary companies and project partners and helping meet the housing and local infrastructure needs of one of Sydney’s fast-growing populations.”
The DA for the site was approved on July 4 and was subject to three conditions – expected to be finalised within the next two months.
Limited construction and development has already started, with the development expected to be completed within seven months of satisfying the DA conditions.