Land development

Hello.

I am currently renovating a 2 bedroom property in central Vic on a 900+ sq block. This is my PPOR.
Purchase price was $170,000 when purchased and its currently valued at $210,000 prior to renovations.

I plan on subdividing the back block (battle axe) and building 4 small 2 bedroom units (builder by trade).

My plan is to renovate the existing house, subdivide the land and sell the existing house. Its my understanding that I do not have to pay CGT on that sale as its my PPOR?

I then plan on building the 4 units on the vacant block and once complete, swapping 3 of the units for my parents house (valued $420,000+). Units once complete should be worth $150,000-$160,000each.

My questions are, is it possible to "swap" properties like mentioned? What problems will I face if I do something like this? Will CGT etc apply? The units should be valued at around $450,000 – $480,000 anyway so by swapping Im selling myself short, but obviously I cant live in 4 units and to sell them myself I would incur a massive CGT bill!

My plan then was to leave my parents in their house and they pay me rent (cash) and I live in the remaining unit for 12 months, then sell.

Confusing I know!

Thanks in advance!!!