BlueScope sells NSW residential project for $76m
Make us a preferred source
Make us a preferred source on Google
The news: Steelmaker BlueScope has exchanged contracts with one of Australia's largest home builders for the sale of 33 hectares of residentially zoned land in West Dapto, New South Wales, for $76 million.
The numbers: BlueScope said the agreed price reflects a "robust outcome" above recent comparable sales at over $200 per square metre.
The development of the West Dapto site will accommodate more than 350 residential lots, supporting housing supply in the Illawarra region.
The context: The project will feature BlueScope's premium product offerings such as Colorbond steel roofing, fencing and garage doors, as well as 'Truecore' steel framing.
BlueScope said it does not expect a material impact on its previously affirmed first-half guidance range.
Completion of the transaction is expected in the second half of FY26.
What they said: "In addition to the cash profit that it delivers, this sale provides a clear base line for the significant value in our non-operational land portfolio of over 1,200 hectares, and demonstrates our ability to unlock it in a way that has the greatest benefit to BlueScope," said managing director and CEO Mark Vassella.
"We're pleased to add to the supply of residential land in the Illawarra, alongside one of Australia's largest home builders."
The source: ASX
