Stockland Corporation Limited (ASX:SGP) has acquired 95 hectares of residential land in northwest Sydney for $290 million.
This new acquisition borders its 198 hectare Elara community in the suburb of Marsden Park.
Stockland’s managing director and CEO, Mark Steinert, says that the North West Sydney Growth Centre remains under-supplied, given the pent up demand for vacant land.
The company says that its new acquisition will yield more than 1,500 additional residential lots.
Stockland reported a net profit of $696 million at 31 December 2015.
