SUNLAND LANDS IN THE "BIG SMOKE"
Written on the 18 August 2014 by Nick Nichols
AFTER more than 30 years building a reputation as an iconic developer with an indelible Gold Coast flair, Sunland Group (ASX: SDG) today officially becomes a Brisbane company.
Sunland has relocated its head office from Benowa to the Brisbane CBD following a decision made by the company’s board earlier this year.
However, Sunland says it will retain a strong Gold Coast presence where it has close to $1 billion in developments either planned or under way.
Sunland managing director Sahba Abedian (pictured), who made the move to live in Brisbane a few months ago, has described the Brisbane move as an historic milestone for the company.
“Sunland was founded on the Gold Coast 30 years ago with the creation of a single luxury home,” Abedian says.
“Today the group has a national development pipeline valued in excess of $3 billion along Australia’s eastern seaboard.
“After successfully expanding into Melbourne and Sydney in 2000 onwards, we are embarking on our next phase of growth with the opening of our head office in Brisbane.
“This move aligns with our strategy to increase the group’s portfolio in strong growth markets, particularly in Brisbane, where we are preparing to deliver approximately $650 million in new residential tower projects.”
Sunland has kicked off its Brisbane assault with the $239 million Abian residential tower on Alice Street overlooking the Botanic Gardens.
Pre-sales of the 40-storey project have been running hot with Sunland achieving commitments to 80 per cent of the 142 apartments. Sunland has revealed that sales commitments to date total $160 million for the project, construction of which began in June.
Sunland is laying plans for a second major residential high rise development in Brisbane, this time just outside the city at Toowong on the former ABC studios.
While Sahba Abedian has made the move to Brisbane, Sunland chairman and company founder Soheil Abedian will remains based on the Gold Coast.
The company still considers the Gold Coast to be a key market, with major plans yet to be revealed for the redevelopment of Mariner’s Cove on The Spit.
Sunland recently announced a $136 million medium rise development for Palm Beach to begin next year on the 4.7ha site formerly occupied by the Palm Beach Mobile and Tourist Park.
Author: Nick Nichols