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Stockland Limited (ASX:SGP) has outlined plans for a $4.6 billion development called Cloverton located 35 kilometres north of Melbourne, Victoria.
The property developer says the project will be the largest masterplanned residential community it has ever undertaken in the state.
Construction is expected to start over the next months with first land sales also imminent and first settlements slatted for the 2016 financial year.
Managing Director and CEO Mark Steinert says the development will eventually become a city in its own right, providing homes and recreational areas for more than 30,000 people.
Stockland has also announced the purchase of a zoned site at Clyde North in Casey, south east of Melbourne, where it plans to build a $128 million master-planned community.
Stockland reported a net profit of $527 million in the 2014 financial year.
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