Wingate Commits Funding for Octave, Junction Village
Melbourne based investment house Wingate has provided funding for Octave Junction Village, a greenfield community delivered by Jinding Developments, a division of Jinding Australia.
Financial close was reached in November 2020 for a Land and Construction facility for stage 1 & 2 of the development, which will see the first 103 blocks of the 320-lot community delivered by mid next year.
Octave Junction Village is Jinding Development’s second project in as many months to commence construction, with ground broken in September, shortly after works commenced on the developer’s 659 lot community at Armstrong Creek.
With pre-sales providing over 100% debt cover, the project provided a compelling proposition for Wingate.
Mark Harrison Managing Director, Property at Wingate said, “Wingate is delighted to partner with a developer of the calibre of Jinding Developments on Octave, Junction Village. Wingate is actively funding several thousand allotments across the Melbourne greenfield market. Our view is that the current market is incredibly strong for high quality residential communities such as Octave, and we look forward to supporting this trend in the future.”
Luke Guthrie, Chief Strategy Officer and Chief Financial Officer for Jinding Australia noted, “We immediately recognised Octave as a unique investment opportunity, and this has been validated by the project’s strong sales momentum. We are thrilled to welcome Wingate as funding partner on the first two stages.”
Liz Ronson, Managing Director for Jinding Developments adds, “Octave’s location adjoining the Royal Botanic Gardens Cranbourne coupled with the rare opportunity to secure one of the last large lots in this area makes it one of the South East’s most appealing new communities. We are looking forward to delivering blocks for the first residents mid-2021.”
Jinding Developments has a property development portfolio exceeding 4,000 residential lots with an end-value in excess of $1.5bn. In addition to Octave Junction Village, Harriott at Armstrong Creek has Stages 1 and 2 under construction and works are set to commence in 2021 on The Patch, Wollert.
For more information contact:
Luke Guthrie – Chief Strategy Officer, Chief Financial Officer – Jinding Australia
Liz Ronson – Managing Director – Jinding Developments