If your neighbours are also interested in selling why not form a co-op of sellers. Get an agreement together between your neighbours, fine a good valuer get a valuation of the combined lots and see if you can get a better price. If you can find a good agency and market it to big or asx listed developers who will take it off your hands in a reasonable time period instead of trying to screw you over with a ridiculous option.
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Put and call option contract, page-19
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