"Discernible shift" in consumer sentiment detected: Sunland
Sunland's annual $14.3 million net profit was up 5%, following a rise in residential sales.
The Queensland based developer reported 629 sales worth $389 million for 2013- 2014 which was up from 261 sales worth $128 million in the prior year.
Sunland's 629 sales were at an average price of $618,000.
“There was a discernible shift in consumer sentiment during the second half of the financial year, contributing to increased sales across Sunland’s national portfolio, “ Sunland managing director Sahba Abedian said.
The developer secured $82 million worth of development sites across Australia with a development pipeline valued in excess of $3.2 billion.
This financial year it expects to launch nine projects with an end value of $1.3 billion.
Sunland, which made its name as the creators of Surfers Paradise’s landmark Q1 tower, flagged a $20 million net profit for 2015, so long as property market conditions remained unchanged, Sahba Abedian told The Australian.