- 16 August 2018
NATIONAL developer Villa World is currently pumping more than $530 million annually into the Logan economy as it ramps up work on three major residential developments across the city.
Among the projects is Villa World’s largest ever Queensland development, Covella at Greenbank, which is still at an early phase of delivery.
Along with Killara at Logan Reserve and Chambers Ridge at Chambers Flats, the Logan developments have a combined end value of $1.3 billion and will create 2766 residential lots to meet continued strong demand for quality homes in the region.
Villa World has already delivered a total of 511 lots within these projects over the past year and, according to Australian Bureau of Statistics (ABS) estimates, the knock-on effects are already being felt through a surge in jobs and a city-wide economic shot in the arm.
The ABS calculates that for every $1 million spent in construction the benefits to the economy are worth $2.86 million. It also estimates that every $1 million creates nine direct construction jobs and supports a total of 37 jobs across the economy.
Villa World has already spent $56 million developing land on its three Logan residential projects and, along with $127 million in housing construction expenditure on these lots, the preliminary input totals $183 million.
Applying ABS modelling, Villa World’s initial investment in Logan will inject more than $530 million into the local economy, creating more than 1640 construction jobs and a total of more than 6770 jobs both directly and indirectly.
“These are significant numbers by any measure,” said Villa World’s Queensland development director Peter Johnson.
“What is more remarkable is that we’re still only in the infancy of rolling out our Logan development portfolio, so these figures will grow over time.”
Villa World is expecting to deliver about 450 residential lots in Logan this financial year, indicating an additional economic stimulus of about $500 million.
“The Logan market has been performing extremely well for Villa World in the past year,” said Mr Johnson.
“Killara has consistently been one of the fastest-selling communities throughout our national portfolio.
“This has been driven by exceptional demand for quality new homes, particularly among first-home buyers and second-home buyers.”
Villa World has made a strategic investment at Logan where demand for family homes is supported by its proximity to employment nodes.
“The strategy is enhanced by our ability to deliver quality home packages and land at the right price point,” Mr Johnson said.
“The economic dividends produced from our investment in the region, and that of the independent builders who work alongside our own construction teams, are a welcome bonus.”
For more information, visit villaworld.com.au.