Nemini
When you look at the land and its shape, that might explain the lower cost and also the house is very small. Even know my block is smaller i would not pay the same amount for this block given its shape.
Mate don't worry. Land is being sold at the rate of 1150 - 1250psqmtr, if u check real estate. Consider a big 35sq house with basic upgrades (not luxury) costs 500K.. it's a million already!. People who have brought land now cannot sell their house below this without being in negative equity.
There is either issues with how this land can be used or the seller is in liquidity trouble and is forced to dispose off this asap.
But who knows!. What's the real reason. As they say 'if something is too good to be true, it probably is'.