Real estate developer CIC Australia Limited (ASX: CNB) created a number of options after announcing its interest to engage in a partnership.

Three listed property companies have come up with merger and joint venture proposals. However, CIC managing director and chief executive Col Alexander said, “We haven't progressed with anything at this stage.”

In August, the property arm of Ron Brierley's Guinness Peat Group announced a $2 billion project in New South Wales. The initial project proposal was to partner with a small firm or a group of wealthy individuals. Funding considerations were also given to a large superannuation fund for the Googong project south of Canberra.

The project will result in 6500 housing units on the 780 hectare master-planned township. The site is 16 kilometers from Parliament House and seven kilometers from the Queanbeyan central business district.

An end value of about $2 billion over 20 years is expected of the project. Alexander said, “It has been rezoned and we are currently in the DA applications to commence construction early next year.”

The property group is also looking to purchase residential development sites in Canberra, Darwin, and Adelaide. Recently, CIC purchased a 600-lot subdivision near Charles Darwin University.