Processing timeline
21
days
Acquirer(s)
ELIMBAH LAND PTY LTD ABN - 24 694 564 899, SATTERLEY ELIMBAH PTY LTD ABN - 45 693 905 136
Target(s) or Vendor(s)
Elimbah Land JV Pty Ltd
Other parties
None listed
HB Land, a subsidiary of Ho Bee Land Limited, and Satterley Elimbah Pty Ltd are establishing a joint venture, Elimbah Land JV Pty Ltd. They will subscribe for shares on a 50/50 basis to develop 181 hectares of land at Elimbah, Queensland, primarily for residential purposes, with some commercial or industrial use.
Elimbah Land Pty Ltd ( HB Land ) has entered into put and call options for the purchase of four contiguous parcels of land at Elimbah, Queensland, being 181 hectares in area, for the purpose of residential development (the Property and Option Agreements ). HB Land and Satterley Elimbah Pty Ltd ( Satterley ) proposes to establish a joint venture entity, Elimbah Land JV Pty Ltd ( ELJV ), to develop the Property and will subscribe for shares in ELJV on a 50/50 basis. HB Land would exercise the options under the Option Agreements in favour of ELJV as nominee, with the intention that ELJV would develop the Property for, principally, residential premises, with the remainder being developed for commercial or industrial purposes. HB Land is a wholly-owned subsidiary of HB Land Pty Ltd, which is ultimately owned by Ho Bee Land Limited, listed on the Singapore Exchange. In Australia, the HB group is engaged in the development and sale of residential land in Queensland, Victoria and New South Wales. Satterley is a special purpose investment vehicle, which has been incorporated solely for the purpose of the proposed transaction.