The project will be developed and sold in eight stages over three to four years, starting this year.

DomaCom chief executive Arthur Naoumidis said investors will be able to invest in acquisition and development of the land through its fractional property investment platform.

There will be a $6 million capital raising for the development, comprising $1.65 million to acquire the land and $4.35 million for development planning, approvals and construction of the civil works and common facilities including a clubhouse, sports centre, pool and bowling green, Mr Naoumidis said.

“This project signals the start of our potential to provide a funding model for affordable housing across Australia whilst giving investors new investment opportunities with good yields and capital growth in socially responsible projects,” he said.

Akuna founding director Graeme Jacobs said the target market is those aged over 55, with a focus on retirees who have low superannuation balances and who qualify for government rental assistance on the land lease.

“This target market is growing at 30 per cent per year, with a third of Australians estimated to be over 55 within a generation,” Mr Jacobs said.

“What is often forgotten is that many Australians are retiring with low superannuation balances, with the equity in their current home being their largest asset. Under our proposal, Akuna will develop the land and then sell the homes with 49-year leases at an average price of $265,000 per house.”