THE next residential precinct in Sovereign Hills' $750 million master planned community has been officially launched and more than 20 pre-sale deposits have already been lodged.
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The first 83 of 225 lots at College Rise adjacent to St Josephs Regional College, stage two of the Sovereign Hills development by The Lewis Land Group of Companies, are now on the market.
Representatives of the private developer were joined by Port Macquarie-Hastings deputy mayor Cr Justin Levido, council and construction industry representatives, and local residents of Sovereign Hills' growing community to mark the significant milestone.
The first release of lots are priced from $180,000 with land registration due in early 2015. The residential lots will range in size from 494m2 to 943m2, with an average of 650m2, and the precinct will feature an open parkland for residents and visitors alike to enjoy.
The release follows the complete sell out of Sovereign Hills' first residential precinct Barton Ridge and reflects the developer's confidence in Port Macquarie's economy and housing market.
"We believe the timing of the College Rise release is ideal. Port Macquarie is benefiting from positive population growth, supported by sound economic fundamentals and government infrastructure spending on roads, education and healthcare," The Lewis Land Group's chief executive officer Chris Calvert said.
The College Rise precinct will adjoin the future Sovereign Hills town centre, which will initially feature a supermarket, specialty stores and a community centre.
"Our intention is to start off with a town centre that has a strong community and neighbourhood feel which will grow over time," Mr Calvert added.
Sovereign Hills will eventually become home to more than 2000 dwellings with a population of 10,000-plus people.
A primary school, medical centre, child care, retirement village and aged care accommodation are all part of the long-term plan.
"We are committed to seeing the Sovereign Hills master planned community project through to a successful completion. This must be done in a very balanced and measured way that involves engaging with the community. Our mission for the project is to build a master planned community that we would be proud of and that we would want to live in ourselves," Mr Calvert said.
Apologies to Greg Trembath and his vendors for the omission of his advertisement in the print edition of Friday, October 17.
To check out three new listings and the agency's open house times for the weekend, click here
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