Sunland buys beachside site for $13.4 million

Company News

by Jessica Amir

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.


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