The Chinese developer that plans to build a 'Forest City' on four man-made islands between Singapore and Malaysia has made its first land acquisition in Victoria.

Country Garden Australia, the Australian arm of Chinese development firm, Country Garden, plans to build more than 4,000 homes on 363 hectares of land near Wyndham Vale in Melbourne’s outer west.

The acquisition of the land cost $400 million.

Country Garden is planning to build a mega-city - called a 'Forest City' - on four man-made islands between Singapore and Malaysia. The vision for the project is to have underground roads and skyscrapers covered with the tropical greenery that is so abundant in the region. When complete, it is expected the island will have 700,000 residents. Forest City has been granted 'duty-free' status by the Malaysian government.

Country Garden is currently developing a three-building, 830-apartment project 15km north west of the Sydney CBD at North Ryde. The project, titled Ryde Garden, is due for completion 

Last December, another Chinese developer, Dahua Group, bought three sites in Wyndham for $360 million, and plans to build 3,000 homes.

Knight Frank's Danny Clark and Michael Hede, RPM Real Estate Group, Rudy Kelemen of Kelemen Real Estate, and Deloitte Real Estate have been appointed to market the property.

This article was first published on The Real Estate Conversation

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