AUSTRALIA — Costa Property Group, led by Shirley Costa, has partnered once again with Grange Development to acquire 909 hectares of land in Gifford Hill, Murray Bridge, South Australia.
This acquisition is set to become the largest single development in the state’s history.
The joint venture has secured 81.4 per cent of the developable land within the 1,860-hectare state-significant precinct, which will yield 9,969 lots.
The entire Gifford Hill precinct is slated to deliver 17,100 dwellings, including detached housing and medium-density options.
Upon completion, the $7.5 billion development will house over 44,000 people and feature a new town centre, mixed-use high street, and six neighbourhood activity centres.
The project will also include seven schools, 285 hectares of conservation space, and 119 hectares of active open space, dedicating more than 20 per cent of the precinct to green areas.
James Dibble, Founder of Grange Development, stated: “This project represents the most significant residential development in history for South Australia and Adelaide. We are looking forward to delivering an exceptional residential community that sets new standards for sustainable living, connectivity, and amenity while creating a second major city for the state.”
The development is expected to generate $750 million in annual retail spending for the Murray Bridge region and create over 12,000 jobs during construction.
It will add $7.58 billion to the economy over the development lifecycle, according to an Economic Impact Assessment by Ethos Urban.
Carl Schokman, CEO of Costa Property Group, expressed confidence in South Australia’s fundamentals, stating: “We believe this precinct will be the key to unlocking the housing supply to keep up with the strong population growth forecasted for the state.”
Local officials have welcomed the development. Mayor Wayne Thorley of the Rural City of Murray Bridge said: “We are excited about well-planned development and investment that supports our plans to be growing, thriving, and strong.”
The project is expected to launch in 2025 and will be developed over a 30 to 40-year period, providing much-needed housing supply in a region where rental prices have risen 68.6 per cent over the last five years.
