Six blocks of prime land in Canberra's south were sold by the Suburban Land Agency following competitive auctions on Wednesday.
The blocks in Whitlam Hills, a suburb of Molonglo Valley, sold through a competitive process.
Bidding kicked off with two multi-unit lots in the town centre.
The hammer fell for the largest block, zoned for 30-59 dwellings, to Felstu Pty Ltd for $13.38 million.
The Canberra Times understands the buyer is still considering the best kind of dwellings to build for the area.
This block has potential for multi-storey townhouses or medium-density units and is located in the heart of the Whitlam stage four development.
A second block was sold to Whitlam Land Pty Ltd for $3.6 million.
It is zoned for seven to 12 dwellings.
The purchasing company was only registered in Canberra during July 2024, according to Australian Securities and Investments Commission reports.
The additional four auctioned blocks are packaged lots.
Similar sites are for sale "over the counter" in the Whitlam showroom.
A spokesperson for the Suburban Land Agency said the auction was open to all potential buyers, but "given the characteristics of the sites, the marketing efforts were predominantly directed towards developers and builders".
Canberra-based company Roman Developers purchased one of the packaged lots for $1.4million.
It includes four single residential blocks, with zoning for one house on each.
A spokesperson for Roman Developers said they intend to construct townhouses on the lots.
"As soon as the land is ready and available, we will start [construction]," the spokesperson said.
The townhouses would be aimed largely at first-home buyers and downsizers.
Roman Developers has previously constructed townhouses in Tralee, near Jerrabomberra.
A seventh block was "withdrawn from the action due to further geotechnical testing being required for this block to determine its suitability for release," according to a Suburban Land Agency spokesperson.
Long wait times
It will be at least three years before any dwellings are completed on the auctioned blocks.
Settlement on the sites is not set to happen until March 2026, at the earliest.
The largest of the blocks, bought by Felstu Pty Ltd, will not be settled until sometime between June 2027 and December 2029.
The spokesperson for the Suburban Land Agency said they typically expected construction to be finished within three years of settlement.
Under Crown leases, construction is required to be finished for years after settlement.
The first residents moved into Whitlam - named after the 21st Prime Minister of Australia, in 2021.
There are now over 200 houses in the suburb, located in Molonglo Valley.
In March 2024, a row of affordable homes in the suburb sat empty and overgrown, two years after the Suburban Land Agency said construction would begin.
