Queensland Prime Minister Anna Bligh has announced the launch of a new $1 billion residential community in Gold Coast set to be developed by Mirvac, with about 2300 home units to be spread in a sprawling 500 hectares at Pimpama within the next 10 years.

Ms Bligh hailed the project as a building block in the future of southeast Queensland and revealed that "the decade-long timeframe will allow the provision of infrastructure to keep pace with the population expansion in the state's burgeoning southeast corner."

She added that more than a housing development, the state will get to see "a whole new community, a community that will have parklands, recreation space, and neighbourhoods for people and families."

Ms Bligh expressed confidence that the Queensland government is setting a good example by showing that competent population management will lead to great achievements.

Gold Coast Mayor Ron Clarke is upbeat that the new project would not apply pressure on community services, stressing that the area's population growth has been constant for the past 30 years and "we're still getting the same number of residents coming here, around 15,000 a year, which we've had for the last 20 to 30 years now."

He believes that Gold Coast will immensely benefit from the Gainsborough Greens development, which Mirvac CEO Matthew Wallace described as the biggest residential project ever undertaken on the area.

Mr Wallace is confident that the project will take place as planned, as he cited that "there has been a lot of attention paid to better matching the pace of the rollout of infrastructure in conjunction with residential development such as this."

He said that much of the overall development comprises of about 65 percent open spaces or up to 318 hectares of lands not occupied by any dwellings.

Mirvac is projecting to offer the first home units on the market this year with starting price of about $500,000 while its mansions which shall be fronting the integrated golf course will be offered at more than $1 million tag price.