The release of land near Murray Bridge, which is expected to create South Australia’s second city, is set to be one of the largest land transactions in the history of the state.
The development, which is known as Gifford Hill, will feature 17,100 homes and seven schools.
Costa purchased the land from Grange Development during the last 18 months.
According to the developers, they expect the first plots for sale to be released next year.
They noted that over 44,000 people will reside in the area when it’s completed.
Around 7200 construction jobs will be created on site, while another 5200 will be generated by businesses in the surrounding region.
The mayor of Murray Bridge, Wayne Thorley, expressed his enthusiasm for the project’s potential to benefit the region.
He noted that the area’s location and accessibility to education, jobs, and the river would make it an ideal place for people to live.
The town of Gifford Hill is located near Murray Bridge, and it’s an hour away from the city of Adelaide.
According to predictions, the region will become another city within the next two decades.
The population growth in the area has led to a significant increase in the rental prices of homes in Murray Bridge.
The median house price in the region is currently $419,000, which is almost 45 percent lower than the city of Adelaide.
James Dibble of Grange Development noted that the development will contribute to the region’s growth by creating thousands of new homes.
He said the project will feature over 14,000 detached houses and 4,000 townhouses.
Dibble noted that the company is excited to begin working on the construction of the community, which will set new standards for living and provide a variety of amenities.
The area around Gifford Hill is slightly larger than the Riverlea, which was previously regarded as South Australia’s biggest planned community.
Compared to the Riverlea, the density of the proposed Gifford Hill community will be lower.
It will also have around 20 percent of the area dedicated for green space.