A NATIONAL developer says a $92 million residential project at Victoria Point will help ease pressure on the local property market.
A total of 261 lots will be available at a 20.6 hectare site near Clay Gully Road, with the average block size for land released in stage one to be 424 square metres.
Developers Urbex, a subsidiary of construction company BMD, have not released pricing for the site - called Arc on the Point - but say it will be competitive with the area's median land prices.
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Victoria Point locals slammed an application for a housing development near Clay Gully Road ahead of council voting on the proposal in 2018.
One resident told the Redland City Bulletin it would impact on roads, schools and facilities for the aged.
Urbex have completed several Redlands projects, including Langdon Chase at Thornlands.
General manager Craig Covacich said there was demand for about 800 new homes in the Redlands each year.
That was based on research form a CoreLogic suburbs statistics report, which found the city's population was growing by 2100 people per annum.
"At the end of 2020, a total of 354 lots were approved for operational works," Mr Covacich said.
"This showed a decrease of 23 per cent compared with the previous year and the limited supply on new dwellings to date hasn't been enough to supply the new local housing market.
"Through Arc on the Point, we hope to alleviate some of this property strain ... "
The estate would be a three minute drive to Victoria Point Shopping Centre, eight minutes from Redland Bay Golf Club and about 10 minutes to the beachfront, developers said.
First release land is expected to be delivered by the end of this year.
Mr Covacich said open space, parkland and conservation areas would make up more than 23 per cent of the site.
He said there would be a playground, picnic areas, bike and walking trails, and streets lined with trees.
The new estate will sit about seven kilometres away from the proposed $70 million retail precinct at Thornlands.
The Redland City Bulletin revealedlast month that an application for a new centre, to be built on the corner of Boundary Road and Panorama Drive, had been lodged with council.
If the proposal receives the green light, it is expected to include specialty stores, a service station, medical centre, tavern and alfresco dining spaces.
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