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.