Japanese developer to expand Cinco Ranch community
September 30th, 2010 11:06am
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The Japanese residential development firm Sekisui House has partnered with the Newland Real Estate Group to purchase nearly 500 acres of undeveloped land in west Houston for the expansion of the Cinco Ranch master-planned community.The expansion of the community, which is expected to house an additional 1,200 homes, is expected to be completed over the next three years, and will bring the total number of houses in Cinco Ranch to more than 14,000.
"Our technologies developed through advanced, as well as environmentally conscious community development projects in Japan, are expected to be a valuable contribution to community developments in the U.S.," said Isami Wada, Chairman and CEO of Sekisui House.
The Cinco Ranch community, located roughly 30 miles west of downtown, has been a bright spot over the past few years. It was recently rated as the best-selling planned community in the country according to RCLCO, a Washington, D.C.-based real estate advisory firm.
The influx of foreign investment money into the Houston real estate market is part of a growing nationwide trend. The Wall Street Journal reports that investors from countries such as Australia and Canada have been speaking with experts at the National Association of Home Builders to get their input on what markets may show the most growth.
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