VILLA WORLD : PAVES WAY FOR LANDMARK ARUNDEL PROJECT

Villa World, which this year celebrates its 30th anniversary, has today settled its $30.8 million acquisition of the 25ha residential-zoned property on Greenacre Drive, which is one of the last major residential development sites on the Gold Coast.

The project will be masterplanned as a 395-lot community called Arundel Springs, yielding 305 residential lots and approximately 90 town homes.

The landmark residential community will create more than 1,500 local jobs over the life of the project and inject around $100m of local economic value for every year of construction.

It will take shape on a site overlooking the picturesque Coombabah Lakelands Conservation Area.

Villa World Managing Director and CEO Craig Treasure said the new parkland address would epitomise the company's approach to delivering quality addresses for new home buyers.

Mr Treasure said Arundel Springs' diversity of product and convenient location would appeal to a diverse buyer profile with home sites designed for young couples, families and active retirees.

'Arundel is a highly popular suburban area favoured by families for its location and amenities including the Arundel Hills Country Club, Helensvale railway station, Westfield Helensvale, Griffith University and Gold Coast University Hospital,' he said.

'Arundel Springs is also within walking distance of a new light rail station and is just two stops from the university and hospital and one stop from Westfield.'

Land at Arundel Springs will be launched early in the new financial year with home sites ranging in size from 306m² to 954m².

The Arundel Springs site is former farmland that was owned by the O'Brien family.

It is less than 10km from the Southport CBD and is close to key arterials including the Pacific Motorway, Smith Street Motorway and Olsen Avenue.

Villa World is Queensland's oldest ASX-listed housing developer and one of Australia's largest housing providers.