SIG Group makes acquisition in key Victorian corridor

Property development and investment house SIG Group has announced the acquisition of a 28.2 ha site in Victoria’s future suburb of Pakenham East, which will offer future homeowners the chance to purchase affordable land lots in the Pakenham corridor.

SIG Group says that it is offering families, downsizers, upgraders and investors the chance to live in Pakenham who may have previously been priced out of the market. Approximately 530 lots will go to market, assisting in providing additional homes amidst the current housing crisis.

SIG Group CEO Hugh Lu says he is excited for the opportunity the developer has in front of them to create a community in the future suburb of Pakenham East, located 70 kilometres south east of Melbourne.

"We are thrilled to add Pakenham East to our portfolio,” he says.

“This move aligns perfectly with our vision of providing innovative solutions to address the housing shortage in the region and delivering options for buyers who have been longing to invest in the Pakenham corridor.

“We are committed to delivering superior value to our clients and investors and strengthening our presence in this burgeoning market.”

The site acquired by SIG is located in the Pakenham East Precinct Structure Plan (PSP), a 630 ha corridor that will foster new communities, with 22 percent of the corridor set aside for open space. Parks, sports reserves, schools and community and commercial centres will be created within the corridor.

Once complete, the development plan envisions the construction of 7,229 homes and the generation of 1,436 job opportunities, all while prioritising the protection of Deep Creek's natural elements and integrating a network of bike and pedestrian paths linked to transit stations. The plan also ensures environmental conservation by preserving Deep Creek and its native vegetation.

SIG Group has made an effort to unlock additional land in the area, due to the current limited supply. A number of housing options will be created to target a number of potential buyers. Expressions of interest for the site will open in September.

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