|
Urban growth to drive investment
In what is the biggest reform since the introduction of the Land Commission of NSW in 1976, the newly established Urbangrowth NSW will integrate and refocus Landcom and the Sydney Metropolitan Development Authority (SMDA) as a key new driver of the Government’s approach to housing delivery.
Planning and Infrastructure Minister Brad Hazzard said the new organisation would now lead development in identified projects across the state.
“Establishing Urbangrowth NSW will drive further investment into the NSW economy, particularly the housing market,” Minister Hazzard said.
Mr Hazzard said Urbangrowth NSW would continue the Government’s 10,000 housing lots program; coordinate and deliver lead-in infrastructure and service provision to development areas; plan and fast-track urban renewal projects to unlock further private sector investment - providing more housing choice and affordability.
“Landcom has done amazing work over the years but the lowest housing starts in 50 years demand a new focus on driving the delivery of new housing,” Mr Hazzard said.
“In recent years it has played a significant role in facilitating the required planning and infrastructure for the Green Square Town Centre – which at full development is expected to pump $1.7 billion of direct investment into the NSW economy, house 5,500 residents and 7,000 workers.
“If Landcom had the mandate the Government is giving Urbangrowth NSW, it’s possible that up to six years could have been shaved off the project’s development timetable – ultimately bringing this important development to market a lot earlier.
“The approach of targeted government intervention in the property market is already a feature in every other state and the NSW industry has been crying out for such an organisation.”
The plan to establish Urbangrowth NSW was made as part of the State Government’s 2012/13 Budget announcements.
|
|
|
|
|
|
| |
|
|