Becton set to build 150 ILUs every year into the future

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Six months ago Melbourne property developer Becton Property Group
operated just 3 villages (Classic Residences Brighton, Menzies at Malvern and
Dee Why Gardens  Sydney). Since then they have bought one village in Bunbury
in WA and nine blocks of land mostly in Victoria to build 150 ILUs every year
from 2009 onwards at an average value of $380,000. Thats nearly $400 million in
new villages. They will have five villages within 20 kilometres of each other in the
prestigious Malvern/Beaumaris strip. Also included are two villages in Hervey Bay
and Mackay (Queensland) that they bought from the administrator of the failed
finance company, Fincorp. They paid effectively $0.50 in the dollar to the Fincorp
Ex Primelife CEO, Jim Hazel, joined Becton as Chairman in May. He is credited
with resuscitating Primelife and setting it up for its current expansion. Previously
he was with Adelaide Bank.