Property developer Stockland says it has acquired a parcel of land in Sydney’s northwest growth corridor with the potential for about 2,300 new homes.

Stockland bought the 163-hectare site in Marsden Park for $165 million, on deferred payment terms.

First home settlements are expected in the 2013/2014 financial year, subject to planning approval, and the entire project is anticipated to take eight years to complete.

The company will work with the NSW government and local councils in the planning stage.

Stockland also has secured the first right of refusal from the same, unnamed vendor over an adjacent parcel of land with the potential for another 2,200 homes.

“The northwest is a thriving area of Sydney, which is undersupplied, and we, therefore, anticipate solid demand for new homes,” Stockland’s chief executive of residental Mark Hunter said in a statement on Monday.