AAP
Lend Lease Group has won a bid to become preferred proponent for the $400 million first stage of the new Alkimos residential development, north of Perth.
Lend Lease said on Wednesday that the 2,500-dwelling first stage would be developed over seven years, beginning in 2011, with the company pitching in $20 million to establish the project.
The total Alkimos development will involve 10,000 homes developed over 20 years on the coastal site 40km from the Perth CBD.
Total development value for the project is $400 million.
Lend Lease said its subsidiary, Delfin Lend Lease, would sign a development agreement with the WA government's land development agency, LandCorp, within the next three months.
Alkimos is in Perth's rapidly growing north-west metropolitan corridor. It will be one of the largest coastal developments ever undertaken in the city, Lend Lease said in a statement on Wednesday.
Lend Lease's managing director and chief executive, Steve McCann, said the Alkimos project would set benchmarks in sustainable community development through environmentally sensitive design, recycled water use, education partnership models and local job creation initiatives.
By 1017 AEDT, Lend Lease was trading 21 cents higher, by 2.22 per cent, at $9.68.
