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Property News

8,000 residential dwellings earmarked for ACT

September 17, 2012

A government plan to overhaul the town of Tuggeranong in Canberra's south may attract the interest of property investors, with almost 8,000 residential properties earmarked for the region.

Releasing an 82-page report yesterday (September 16), the ACT government has proposed a radical transformation of Tuggeranong - boosting the area's declining population with delivery of more real estate options.

Environment and sustainable development minister Simon Corbell said in a Fairfax Media report: "This plan sets out a direction that will create the opportunity for a more sustainable urban lifestyle close to some of Canberra's best natural landscapes.”

The report recommends the development of 7,800 dwellings in Tuggeranong, bolstering the area's population with up to 14,000 new residents.

Property investors or first time buyers may be interested in the proposed development that will take advantage of the region's spectacular views, recreational pursuits and walking and cycling links to Lake Tuggeranong.

Nick Tsoulis, Tuggeranong Community Council, said redevelopment of the region would generate employment opportunities - enhancing population growth in the area.

"This will bring some sustainability, continuity to the construction industry the employment industry. There's going to be a hospitality precinct so we're going to see job creation in restaurants and cafes." Mr Tsoulis explained to the ABC.

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