Developers have unveiled an ambitious plan to build a new satellite city that will house over 44,000 people by 2041.
In a joint venture with Grange Development, Costa Property Group acquired 1,860 hectares of land in Gifford Hill, near Murray Bridge, an hour south-east of Adelaide, within 18 months.
The $7.5 billion master plan for the satellite city includes 17,100 homes, a town center, six community activity centers, seven schools, 700 acres of protected natural areas and 300 acres of open green space.
The project is described as the largest housing development in South Australia since the 1950s and will effectively create a second major city for the state.
The total development is worth approximately $7.5 billion and the first homes are due to be completed next year.
The heart of the development would be the town centre, adjacent to the Murray Bridge Racecourse, with shops, offices and a ‘state-of-the-art sports and entertainment precinct’, including a polo field.
Murray Bridge Mayor Wayne Thorley said the council was excited about the potential of the project to grow into a rural town.
“We are actively preparing for the growth of our rural city and supporting our communities to access the services, opportunities and benefits that a growing community brings,” Mr Thorley said.
Developers have unveiled an ambitious plan to build a new satellite city near Adelaide that will be home to more than 44,000 people by 2041
The $7.5 billion plan includes a city center (pictured is an artist’s rendering), six “neighborhood activity centers,” seven schools, 1,000 acres (404 hectares) of protected and open green space
Costa Property Group has acquired 1,860 hectares of land in a joint venture with Grange Development in 18 months (pictured is an aerial view of the Gifford Hill area near Murray Bridge)
‘Murray Bridge is a place where people can live well and thrive in an environment where jobs, education, affordable housing and a great riverside lifestyle are accessible to everyone.’
Mayor Thorley added that the development will also increase employment opportunities in the growing community.
The development will create more than 7,200 on-site jobs during construction and a further 5,200 jobs in off-site businesses.
James Dibble, founder of Grange Development, described the project as the “most significant” housing development in South Australia and Adelaide since the 1950s.
He explained that the development will include detached houses, apartments and townhouses.
“We look forward to delivering an exceptional residential community that sets new standards for sustainable living, connectivity and amenities, while creating a second great city for the state,” said Mr. Dibble.
Heather Barclay, CEO of Rural City of Murray Bridge, said the development would change the area forever.
“Developments of this nature and scale transform places and communities,” said Ms Barclay.
‘Our aim is to plan and connect communities well so that Murray Bridge continues to thrive and remain a place where people choose to live, work and play.’
Pictured, Gifford Hill masterplan concept design
The Gifford Hill development will provide 17,100 homes for an estimated 44,000 residents (pictured is an impression of Gifford Hill High Street)
Costa Property Group and Grange Development also hope the area will become Adelaide’s second airport.
Gifford Hill is adjacent to Murray Bridge and is approximately an hour’s drive from Adelaide.
The new satellite city could be a lifeline for first-home buyers, with the average house price in the Murray Bridge region sitting at $419,000, a whopping 45 per cent lower than Adelaide’s average of $760,000.
The region has seen capital growth of 18.71 percent over the past 12 months and population growth of almost 19 percent over the past five years.
According to Carl Schokman, CEO of Costa Property Group, the development would “increase the housing supply to keep pace with the strong population growth predicted for the state.”
Costa Property Group was founded by the late Frank Costa, who made his money in the fruit and vegetable sector.
His widow, Shirley Costa, took over the company and was named Australia’s 20th richest woman last year.
The new development is located next to the relocated $110 million Murray Bridge Racing Club, which opened in 2019.
Costa Property Group was founded by the late Frank Costa. After his death, his wife Shirley took over the company