Sunland has 3022 dwellings and blocks of land worth $1.4 billion

Stephen TaylorMarch 25, 20130 min read

The Sunland Group with ‘’strong’’ balance sheet and cash reserves of more than $29 million has announced a net profit of $13.6 million, slipping about $1 million from its previous result.

The property development company’s house and land portfolio includes 3022 dwellings and blocks of land worth $1.4 billion.

Development margin earnings before interest and tax achieved for the housing and land portfolio was 18%, consistent with 2012, managing director Sahba Abedian says.

The group achieved 261 sales and 401 settlements.

‘’As we near our 30th anniversary, the result recognises the collaborative spirit of Sunland which strives towards the creation of vibrant communities, resulting in sound financial performance, creative and innovative approaches to design and delivery or our portfolio,’’ he says.

‘’The group has continued to focus on the three pillar strategy of capital management, maintaining a conservative balance sheet, and the ongoing replenishment of the portfolio as it unfolds organically.’’

He says ‘’the year’s numerous challenges provided stepping stones that are continuing to define our path forward’’.

Last year’s profit was $14.5 million.

Marina Residences, the centrepiece of The Concourse project at the 200ha Royal Pines Resort - was Sunland's major development launched over the year.

The $54 million project features 84 luxury apartments with marina, river and golf course views.

Early next year, Sunland is also planning a $215 million 136 apartment tower, to be known as Abian, at the corner of Alice and Albert streets, Brisbane opposite the botanic gardens.

Stephen Taylor

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