The diversified property group, which is the country’s largest listed residential developer, is trying to sell 100% of its Forest Reach master planned residential development in Huntley, 18km from Wollongong, to ease ACCC concerns that it would own too much development property in the Illawarra when combined with Lendlease’s neighbouring and larger Calderwood Valley community estate.
In May, Stockland said Forest Reach would include a Stockland Halcyon land lease community for over 60s.
The Australian Competition & Consumer Commission (ACCC) today announced it would delay its decision on whether Stockland and Thailand-based partner Supalai can buy Lendlease's 12 master planned communities, totalling about 27,600 lots, for $1.1 billion. The deal, according to Stockland CEO - Development, Andrew Whitson, includes up to nine future land lease communities totalling 2,500 home sites.
In July, the competition watchdog also raised concerns about parts of Queensland and Western Australia being affected by the planned combination of the development units, pointing to the potential for reduced competition in northwest Perth, Ipswich and Moreton Bay.
The ACCC is now expected to make its decision on 26 September.
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