“This acquisition is a strong complement to Boyuan’s existing West Sydney development portfolio,” said Boyuan chief Caden Wan.
“This Bringelly site is close to the airport and ongoing housing demand.”
Boyuan, listed on the Australian stock exchange, expects to develop a village centre of about 70,000 square metres, with about 600 housing lots at an average lot size of 400 square metres.
Boyuan also has conditional first and last right of refusal to buy the adjacent 40.5-hectare site.
A $7.5-million deposit was paid on signing, a further 10 per cent is due on September 1, 2018, and the balance due on settlement on June 18, 2019.
“This acquisition is a strong complement to Boyuan’s existing West Sydney development portfolio,” Mr Wan said.
Mr Wans said the company’s strategy was to pursue further growth opportunities in Australian property, particularly in high-growth corridors
Boyuan is developing residential sites at Austral and a residential/commercial site at Marsden Park.