Sunland settles $61M Gold Coast acquisition

Company News

Sunland Group Limited (ASX:SDG) has settled the acquisition of a 42 hectare site on the Gold Coast for $61 million. 
 
The property developer says the site surrounds a large central lake and also features canal front land with direct ocean views. 
 
The company has earmarked the precinct for a master planned residential development with an estimated overall end value of more than $850 million.

Sunland Group believes the acquisition is strategic and historic for the company and will provide substantial mid to long term growth opportunities. 
 
Sunland Group reported a net profit of $14.25 million in the 2014 financial year. 

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