The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterThu 24 Aug 17

Sunland Ready for 2018 After Reporting $35.3 Million Profit

Sunland-Mariners-Cove-2-e1436937189590_620x380

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.

ResidentialIndustrialAustraliaFinanceReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Exclusive

Where 600 Wealthy Families Are Putting Their Millions

Taryn Paris
6 Min
Brique Projects EDM
Exclusive

Brique Thrives in Cauldron of SE Queensland Development

Clare Burnett
7 Min
Henny Prime Henny Background
Exclusive

Why Henny and Prime Edition are Moving into Student Living

Leon Della Bosca
7 Min
Riverlee Seafarer's 1 Hotel HERO
Exclusive

Melbourne’s North Bank Awakens After Decades of Dormancy

Leon Della Bosca
8 Min
View All >
Community

Urbanity Day One: Five Key Takeaways

Leon Della Bosca
Bates Smart Architects' rendering of the two towers for Lendlease, MEA and NSKRE's project at 175 Liverpool Street in Sydney.
Residential

Lendlease Signs Partners for Hyde Park Highrise

Marisa Wikramanayake
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
The key to getting homes out of the ground faster, the CSIRO’s chief research consultant says, is more organic than mach…
LATEST
Community

Urbanity Day One: Five Key Takeaways

Leon Della Bosca
17 Min
Bates Smart Architects' rendering of the two towers for Lendlease, MEA and NSKRE's project at 175 Liverpool Street in Sydney.
Residential

Lendlease Signs Partners for Hyde Park Highrise

Marisa Wikramanayake
2 Min
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Markets

Turn of the Tide as Supercycles Track Upwards

Clare Burnett
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/sunland-ready-2018-reporting