SUNLAND STOCKS UP IN SYDNEY, BUT GOLD COAST STILL IN SIGHTS

Written on the 11 September 2014 by Nick Nichols

SUNLAND STOCKS UP IN SYDNEY, BUT GOLD COAST STILL IN SIGHTS

SUNLAND Group (ASX: SDG) has laid the groundwork for an $80 million residential development in Sydney, but the company also continues to push into the recovering Gold Coast housing market.

The Brisbane-based developer this week snared a 3ha site in Warriewood from high rise king Harry Triguboff for $18 million.

The deal was sweet for Triguboff. The billionaire apartment developer paid just $5 million for the site in 2009, selling it after a high rise project he planned for it was rejected by the local council.

However, Sunland has earmarked the property for 81 townhomes to be launched in 2016, adding to a $127 million master-planned community the company launched last month at North Kellyville in Sydney.

Sunland continues to be buoyed by the Sydney market, despite the challenge in finding suitable sites in the face of strong competition from other developers.

The first stage of Dahlia Residences in North Kellyville sold out in the first week of release.

While its returns from the Gold Coast market may not be as strong, Sunland is also ramping up its activities on the tourism strip where this week it received development approval for a new $18 million residential community at Hope Island.

The exclusive Quays Hope Island project will comprise 40 premium three-bedroom townhomes, some with waterfront views over the Hope Island Grand Canal.

The homes, to be priced from $425,000, will target first-home buyers and empty-nesters. Construction is due to start in the first quarter of 2015.

The latest project is part of $1 billion in developments planned by Sunland on the Gold Coast which is its traditional home base.

Across its national portfolio, the company has more than $3.2 billion in works planned over the next three to five years.

This includes the 40-storey Abian tower in Brisbane’s CBD and Grace on Coronation, the proposed three-tower redevelopment of the old ABC studios in Toowong.

The Toowong project comes on the heels of a strong take-up of apartments at Abian, where Sunland has sold more than 80 per cent of the apartment stock off the plan.


Author: Nick Nichols

Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter