Lend Lease shortlisted for US$ 1.2 billion project in Australia

Lend Lease has been provisionally selected to develop the A$ 1.2 billion (US$ 1.19 billion) Toolern urban community project in Melton, around 35 km west of Melbourne, Australia.

The 13-year project involves the construction of 4,500 dwellings, two schools, civic and community facilities, a town centre, neighbourhood shopping centre and a 131 hectare regional park.

Lend Lease CEO and managing director Steve McCann said, "This win will replenish our backlog in Victoria which is a key growth market".

A Development Agreement between Melton Shire Council and Lend Lease is expected to be finalised by May 2011.

The company said the project would operate under a land management agreement between Lend Lease and Melton Shire Council, with first sales expected to occur in late 2011.