A MAJOR new $90 million housing estate will deliver almost 200 homes at Redbank Plains after developer Homecorp snapped up a 25-hectare development site for $30 million.
The 25.22-hectare parcel at 639 Redbank Plains Road will become Century Estate, with 193 homes planned across six stages and construction expected to begin next year.
The development will add another major residential project to one of Ipswich’s key growth areas as the city races to accommodate a rapidly expanding population.
Homecorp paid $30 million for the site in a deal brokered by Kelemen Commercial, with the company planning a mixture of four-bedroom houses, dual occupancies and duplexes.
Homecorp Chief Executive and founder Ron Bakir described the acquisition as a strong addition to the company’s development pipeline.
The developer already has a significant presence in Redbank Plains through its Greenwood Village and Cedar West estates and operates across development, civil works, approvals and home construction.
But the history of the Century Estate site also highlights the lengthy journey between land being earmarked for development and new homes actually reaching the market.
A reconfiguration application for 639 Redbank Plains Road was lodged with Ipswich City Council in May 2018, initially proposing to transform about 34.9 hectares into 345 residential lots across 12 stages.
A subsequent change application in March 2020 reduced the proposed yield to 263 lots.
Earlier stages have since been developed and sold, with Homecorp now acquiring the remaining 25.22 hectares and preparing for the next stages in 2027.
The eight-year history of the site comes as Ipswich faces the enormous task of delivering enough housing and infrastructure for a population expected to surpass half a million people in the coming decades.
ShapingSEQ 2023 envisages the Ipswich local government area growing from about 87,200 dwellings in 2021 to 177,000 by 2046.
Century Estate will also reflect a changing housing mix across Ipswich.
Rather than relying entirely on the detached homes traditionally associated with the city’s greenfield growth corridors, the project will include dual occupancies and duplexes alongside four-bedroom houses.
Construction of Century Estate is expected to be delivered progressively across six stages.
