The ACCC questions Stockland, and its partner Supalai, Thailand’s leading real estate developer, $1.063B acquisition of 12 Lendlease residential master planned community projects. Will it lessen competition.
“We are concerned that the proposed acquisition would remove one of Stockland’s closest and largest competitors in the supply of residential maste
r planned community housing lots in four regions - the Illawarra, Northwest Perth, Ipswich, and Moreton Bay,” ACCC Commissioner Liza Carver (pictured) said in a statement.
“The ACCC is concerned that the proposed acquisition may increase Stockland’s incentive to raise the price, delay the supply, or reduce the quality of housing lots in these regions, to the detriment of prospective homeowners.”
ACCC added it is concerned other developers of master planned community projects may not be able to compete sufficiently with Stockland after the acquisition in some regions, with its preliminary concerns strongest in the NSW Illawarra region.
The $1.063 billion deal according to Stockland CEO, Development, Andrew Whitson, includes up to nine future land lease communities totaling 2,500 home sites, if the ACCC gives it the go ahead.
In Issue 77 of SATURDAY, the latest figures from land lease specialists Chadwick Property Valuers reveals Stockland is on track have a portfolio of 12,789 land lease homes with its current pipeline.
Lendlease has 16 master planned community projects in NSW, Queensland, Victoria, and Western Australia, 12 of which would be sold under the proposed acquisition.
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