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Boomers and growing families expected to flock to new land release at Somerfield

Property buyers are expected to camp out this weekend to secure their purchase of new land when 33 new blocks are released at Somerfield, a popular development in Melbourne’s South East, this Saturday.

At an average price of $340,500 and average size of 451 square metres, the new release, Stage 10, which is nestled in a quiet corner and set back from Tyers Lane offers a unique range of blocks perfect for those just starting out or downsizing, as well as the growing family.

At the last release in March 2010, all 43 blocks released for sale sold out in two hours. Since January 2009, over 470 blocks have been sold at Somerfield, a land development in Keysborough, by Intrapac Projects and joint venture partner Brencorp Properties.

David Payes, Executive Chairman of Intrapac said the interest in Somerfield is indicative of the pent up demand for land in Melbourne.

“The new release at Somerfield represents great value and a rare opportunity to buy land in an established growth area that has all the amenities that a family needs, including schools, transport, shops and freeways so it’s little surprise that there is such overwhelming demand.

“Somerfield’s last release sold out in just two hours. This new release is very attractively priced and positioned and indications suggest that again we’ll see prospective buyers camped out from as early as Friday morning to secure their purchase.”

The residential land project – assembled in a popular corridor of Melbourne’s South East where land supply is scarce – will comprise 1600 lots when completed, and have a value approaching $1 billion based on combined value of land and homes.

“Somerfield will eventually be home to over 1600 families and is surrounded by schools, including Haileybury College, Isik College, Mt Hira College, Resurrection Catholic School and Chandler Primary and Secondary. Furthermore, Monash University and Parkmore and Southland Shopping Centres are close by, easily accessible by good existing roads and transport infrastructure, such as Eastlink. The development includes Telstra Velocity high speed broadband to each home.

“Stage 10 at Somerfield offers first-home buyers and growing families a serene place to live. It’s close to the generous open space, wetland and walking paths found throughout Somerfield, plus the future neighbourhood shopping precinct on Chapel Road,” he said.

Intrapac Projects Pty Ltd is a privately owned property development company that has been in operation for 25 years. Focusing on residential projects, Intrapac has won several Urban Development Institute of Australia awards. The most recent award was for The Quay, a residential project in Torquay which won the UDIA Excellence Award in 2008.