Property investor and developer Stockland Group Ltd has acquired a 54 hectare residential land parcel in Holmview Queensland for $23.5 million.

The land parcel known as The Ridge is located 35 kilometres south of the Brisbane CBD. With a development approval for around 530 residential lots, the site is estimated to have an end value of $210 million.

Stockland chief executive Mark Hunter said the acquisition will boost the company's Queensland residential business and further exposure to the Greater Brisbane South growth corridor.

With the acquisition of The Ridge, Stockland's total position in the Brisbane's CBD is now around 1,600 lots.

"This transaction is a key example of our commitment to increase our market share in key corridors across the country," said Hunter.

"We've also recently extended our market share into new growth corridors in Victoria and Western Australia, with the acquisition of five other land parcels."

Stockland said The Ridge is the developer's sixth residential land acquisition to date in the 2010 financial year, bringing its newly acquired lots to around 5,280 at a total cost of around $274 million for the period.

Shares in Stockland last traded 1.29 per cent higher at $3.92 a share.

(Advertorial) How to maximise CFD's trade: entry and exit with Bollinger Bands