A masterplanned community in Logan will be sold off by its developer as part of a controversial $1.3 billion deal.
Yarrabilba, along with 11 other Australian communities developed by multinational real estate company Lendlease, will be sold to Stockland and its Thailand-based partner Supalai.
The Australian Compeition and Consumer Commission (ACCC) was concerned the takeover would reduce competition in some areas.
“We are concerned that other developers of masterplanned community projects may not be able to compete sufficiently with Stockland after the acquisition in some regions,” ACCC Commissioner Liza Carver said in July this year.
“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.”
The deal received government approval this month.
Lendlease in a statement said it was selling the 12 communities so the company could prioritise growth in other areas of business.
“The 12 projects will transfer to Stockland progressively in the coming months, subject to conditions,” the statement read.
“Until that time, we’ll continue to operate business as usual, and customers will be communicated with directly in regards to transfer timing.
“Our highest priority is to ensure a smooth transition for all our residents and customers, so these projects can continue to deliver Australia’s best communities.”
The deal is expected to be complete in the second quarter of the 2025 financial year, subject to landowner consents.
