Reality check, as Country Garden sells down a barely started Australia project
© Reuters. Unfinished houses at Wilton Greens, a residential development owned by Country Garden, located 80km southwest of Sydney, Australia October 9, 2023. REUTERS/Byron Kaye
In Malaysia, its plans for the $100 billion Forest City development billed as a paradise with turtles and white-sand beaches are far from completion. "They promise you, in the brochure, this fancy landscape where trees are everywhere and flowers are growing and lakes are great to walk around. It's going to be years until it looks like that, decades," said Sebastian Pfautsch, an associate professor of urban planning at the University of Western Sydney.
Whoever buys the remaining 330 hectares of Wilton Greens, some 2,400 vacant lots, is"going to be picking up an incomplete project with no guaranteed date for infrastructure", said Suzy Brandstater, a former school teacher from nearby who sits on the council that approved the development after initially opposing it because of environmental and infrastructure concerns.
Two people who bought blocks at Wilton Greens, who declined to speak on the record, said they did not plan to live there but were pleased with their purchase because they believed the land value had increased, a sign Country Garden will not necessarily lose money on the venture as it has elsewhere in the world.
"Selling of these partial remaining parcels of land is part of Risland's approach to portfolio optimisation," he added, referring to the company's Australian subsidiary.
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