Former bikie boss Amad 'Jay' Malkoun, who was fortunate to survive a recent bomb attack in Greece, is set to reap up to $40 million from a proposed housing estate on his farm in Donnybrook, 35 kilometres north of Melbourne.

A business associate of the notorious underworld figure has lodged a planning application for a 194-lot subdivision on the 26-hectare property, which is under consideration by Whittlesea Council.

Former Comancheros boss Amad 'Jay' Malkoun fled Australia for Dubai in 2013.

Malkoun, who is recovering from serious burns and fractures in an Athens hospital, purchased the farm from a relative in 2009 for just $950,000. The value of the land increased exponentially in 2017 when then Planning Minister Richard Wynne earmarked Donnybrook as a key growth area that would be rezoned for residential development.

Local property experts say the site is presently worth about $20 million, but could be worth up to $60 million once the development is complete. Subdivision and construction costs would cost about $20 million.