Sunland's unveils $700 million pipeline of mainly SE Queensland residential projects

Property development group Sunland will build $700 million worth of new residential projects across Australia this year with more than half of those in south east Queensland.

Of the nine projects Sunland will undertake this year, five will be in south east Queensland with $378 million worth of developments planned, adding 389 luxury homes, apartments and town houses.

Sunland’s Queensland projects include a new development at Mariners Cove and a 47-storey apartment building in the Brisbane CBD.

Victoria is the next biggest development hotspot with $221 million worth of developments planned adding 479 luxury homes on land purchased last year in Point Cook and another Melbourne suburb.

And in Sydney Sunland will start work on their $100 million ‘Dahlia’ development with 170 homes in North Kellyville, in the city’s outer north west, on the 10 hectare site it paid $10.6 million for in February this year.

Managing director Sahba Abedian told The Australian Financial Review Sunland had been “very selective in our acquisitions” and said he was expecting the Queensland market to make a cautious recovery.

In an ASX release he said the announcements were fuelled by strong first-half financial results for the company.

The Sunland portfolio now comprises 3,248 apartments, residential homes and land allotments with a realisable value of $1.4 billion, excluding Gold Coast multi-storey developments.

Last month, Sunland reported a strong rise in interim profits for the half-year to December 31 on the sale of the Palazzo Versace hotel on the Gold Coast for $68.5 million at the end of 2012.

This was up from profits of just $185,000 in the previous corresponding period.