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The development is being driven by GYP Properties, a subsidiary of Singapore public-listed Global Yellow Pages Ltd, which bought the 3.84ha site in May for $19.2million.
Most of the 56 homes in stage one have been sold, for between $860,000 and $985,000, and are scheduled for completion in the 2018-19 summer.
A sales programme was launched recently for stage two.
Bayleys project sales manager John Greenwood said the buyers were a mix of owner-occupiers and investors who saw the need for permanent rental accommodation in the town.
The development is between the Five Mile shopping centre and Pak’n Save supermarket, with green spaces including a main public square and smaller parks, links to biking and walking tracks and access to public transport.
Local civil contractor Andrew Haulage has started the earthworks and roading, while the builder is yet to be announced.