Property developer Sunland Group (ASX:SDG) is set to sell a greendfield site in Ingleside for $16.5 million.
They bought the site which is 27 kilometres north-east of Sydney back in 2016.
The off-market transaction represents a profit of $4.9 million after tax, which will be realised in the 2020 financial year following settlement of the sale.
Managing Director, Sahba Abedian says the northern beaches region is growing and there is strong demand for boutique housing and affordable, master planned communities.
Shares in Sunland Group (ASX:SDG) closed 0.3 per cent lower at $1.69.