New ACT suburb prompts government land release

More than 1,200 houses will be built in the new northern Canberra suburb of Crace, in a development deal that is set to generate half a billion dollars worth of economic activity in the ACT.
 
A consortium including the Canberra Investment Corporation (CIC) and Defence Housing Australia (DHA) has been selected to develop the new Gungahlin suburb of Crace in a joint venture with the government-controlled Land Development Agency (LDA).
 
Of the 1,200 houses to be built in Crace over the next six years, a minimum of 15%, or 180 homes, will be sold within a pre-determined affordable housing range.
 
ACT chief minister Jon Stanhope said development of the suburb is expected to generate half a billion dollars worth of economic activity in the Territory.
 
“This is an exciting opportunity for the private sector to participate with the LDA to develop an estate which will showcase the latest in sustainability and urban design,” Stanhope said.
 
Under the deal, the ACT government will get a 50% share in the estimated $60m profit generated by the development. The deemed land value paid for the land was $88.16m.
 
The first land releases are expected in mid-2008.
 
The suburb was named after the Australian pastoralist Edward Kendall Crace, who owned several farms around the Canberra region in the 1800s.

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