SUNLAND ACQUIRES NEW SITE FOR $4M

Written on the 18 November 2009

SUNLAND ACQUIRES NEW SITE FOR $4M

ASX-LISTED Sunland Group Limited (SDG) has paid $4 million for two lots totaling 2.45 hectares at Pacific Pines.

The developer will expand its presence within the master-planned Pacific Pines residential estate with plans to build a $34 million townhouse project for 85 dwellings on lots 44 and 46.

Sunland managing director Sahba Abedian (pictured), says the latest acquisition is part of the company’s prolonged push into one of Queensland’s leading master-planned residential estates.

“The purchase of the Pacific Pines site is part of Sunland’s strategy to replenish our portfolio with a focus on urban and residential developments in South East Queensland and Victoria, where there is strong demand from first and second home buyers,” said Abedian in a statement to the ASX.

“Sunland is continuing to utilise its strong balance sheet to acquire key infill opportunities in locations with sustained population growth, existing infrastructure and quality amenity, such as Pacific Pines.”

The Group has already enjoyed success at Pacific Pines with Sunland’s award-winning Greenvue townhouse development which sold out in 2008.

Sunland acquired a separate four-hectare site at Pacific Pines earlier this year for a 95-dwelling development with an end value of $36 million.

The developer also purchased the balance of undeveloped residential land at The Glades golf course community in Robina on the Gold Coast from Thakral Holdings (ASX:THG) for $23.4 million.

The Glades parcel has now settled and is earmarked for up to 220 residences with a combined end value of $110 million, to be developed over a three year period.

Sunland has 3951 housing and land products equating to $1.3 billion under development, priced between $300,000 and $750,000.

Over the 12 months, the prolific developer will launch 10 new projects at Sanctuary Cove Royal Pines Resort, The Glades, Cassia, Peregian Springs, Pacific Pines, One Marine Parade, Labrador and Amytis in NSW.

“This series of launches represents Sunland’s most active program of house and land releases in its 26-year history, with a portfolio of 957 house and land products valued at $518 million,” says Abedian.

The latest acquisition takes Sunland’s investments for the year to a value of 59.4 million.


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