Brookfield Multiplex has either sold, or is selling, Sydney residential development sites it had earmarked for projects worth at least A$500m, as it moves to exit lower end apartment developments to focus on masterplanned communities.

The group has also acquired 500ha at Caboolture, north of Brisbane, for up to 4000 homes, and a site at Greenvale in Melbourne's north for up to 1260 homes.

Yesterday, a spokesman for Brookfield Multiplex said the group was still committed to residential development, but there were more growth opportunities in the masterplanned communities area rather than high-density units.

The Australian