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.

 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.