Sunland Group
(ASX:SDG) has purchased a prime beach side development project on the Gold Cost in Queensland for $13.4 million.
The property developer acquired the site at Hedges Avenue, Mermaid Waters to build a 40-storey residential tower.
Sunland Group's earmarked development of the site, would then be worth $210 million.
The company will lodge a DA in coming months, to hopefully build the 90 boutique apartments.
Shares in Sunland Group
(ASX:SDG) are trading 1.18 per cent higher to $1.72.
