Lend Lease said in a statement today that its communities business had signed a land management agreement to develop the site in the fast-growing corridor 30km south-west of Melbourne.
The project would be delivered over 10 years, with first sales expected in mid-2012.
“The Werribee community will have approximately 4000 homes and includes the delivery of community infrastructure including four schools, local community, sport and recreation facilities and a neighbourhood shopping centre," the statement said.
Werribee is one of Melbourne’s fastest-growing areas, with a booming population of young families moving in to take advantage of the relatively affordable homes available.
In the past decade, the population of the Wyndham City Council has almost doubled, rising from 87,141 in mid-2001 to 156,573 in mid-2010, the City of Wyndham said, citing data from the Australian Bureau of Statistics.
In the 12 months to June 30 2010 alone, population grew by 8.8 per cent, making it the fastest growing municipality in Victoria, the data show. Neighbouring Melton was next, with 7.1 per cent population growth over the same period.