Development giant Central Equity has sold two greenfield housing sites in Melbourne's outer west to Villawood Properties for about $180 million, in the city's biggest residential land deal this year.

The highly confidential transaction will see Central Equity offload its 77-hectare Waterbird Estate – which was put up for sale in May – as well as about 48 hectares of undeveloped land within the Newgate Estate on Sayers Road in Tarneit, as it recycles capital into other projects.