How to buy a block early, no title and application to shire is in the process

Hi There

I have a friend in a small country town in Victoria, and they know that there is a new subdivision being developed. In the first stage there will be one block only, between 3000 and 4000 sq metres. My friend lives next door to the proposed new block and actually bought his block 3 years ago as a once off from the owner/developer. He is now trying to develop 10 + other blocks in stages.

It is in a good street, power and town water, NBN, sealed road, faces North, possible water views to the south if you build double storey and has two of the best houses in town on either side. It would be the only block of this size for sale in the town and in our opinion will be superior to the other 9 blocks to be developed in the future. My friend is friendly with the owner/developer and the developer has been talking to the local real estate agents and has been advised that it would sell for 120000 to 130000. I am interested in buying this, I cant see how I can negoitaite a price below 130000 if I wish to buy it before it is on the market? How can I pretend to be not keen if I try and buy it now?
Assuming I can make a deal, what sort of holding deposit would you pay pending a sale when Title has been created, I assume it would go to his solicitors trust account, and how do I get my money back if something goes wrong and the development fails? Do you get a section 32 as most of the information on a section 32 is currently not available?
Any other things I should investigate?

Thanks for any suggestions