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Developers fork out $120m on Melbourne sites as stock runs dry




Melbourne land developers have splashed out almost $120 million on two approved residential sites in Melbourne’s west and south-east, as groups look to replenish their pipelines following record sales due to the HomeBuilder scheme.


In Tarneit in Melbourne’s west, new development outfit SIG Group, headed by former Dahua Melbourne development manager Hugh Lu, has made its second major acquisition this year after agreeing to pay $58 million for a 33.41 hectare site at 860 Derrimut Road offered by the founders of the state’s largest Islamic school Al-Taqwa College.




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