Image: Sunland Group's Mariners Cove
Sunland Group have managed to come away from the previous financial year with a tidy profit of $35.3 million, a 12% increase.
Sunland Managing Director Sahba Abedian attributed their earnings result to a significant increase in revenue from property sales and continuing capital management initiatives.
The Brisbane-based company made nearly $400 million on property sales alone, nearly doubling its 2016 result of $235 million.
By June 30, 2017, Sunland launched three new residential projects including Marina Concourse, The Lakes Residence on the Gold Coast and 18 Macpherson Street in Sydney. All of which joined their current $3.9 billion portfolio, which comprised 18 active projects across Australia’s east coast and approximately 5,601 land, housing and multi-storey products.
“Sunland’s revenue from property sales increased by 67% to $394.3 million ($235.6 million in 2016) during the period, generated from 597 settlements,” Abedian said.
Around 579 allotments were added to Sunland’s portfolio in the financial year, with site acquisitions in Sydney’s Mount Annan, Brisbane’s Everton Hills and in Coolangatta and Mermaid Beach on the Gold Coast.
The acquisitions totaled $65.5 million, with an estimated end value of $689 million.
After securing the sites at Coolangatta and Mermaid Beach, Sunland reported intentions to bring luxury multi-storey residential developments to these areas, which may be officially launched in 2018 pending appropriate approvals.
Sunland will look to 2018’s financial year with a pipeline of 14 residential projects under construction in various phases across Australia’s east coast.
“Throughout the course of the 2018 financial year we intend to launch a further eight projects, pending planning approvals and market conditions,” Abedian said.