Sunland Group Limited (ASX:SDG) has announced it has acquired a prime 2.29-ha site in the prestigious suburb of Chapel Hill, 7 km west of the Brisbane CBD, for $5.9M.
The site has existing development approval for 33 detached homes.
Sunland Managing Director Sahba Abedian has indicated the a boutique residential development at the site has an estimated end value of $30M.
The purchase is in line with Sunland’s strategy of identifying premium sites in high-growth areas.
Development is expected to commence during the first half of 2018, with delivery expected second half of 2019.
Shares in Sunland Group (ASX:SDG) last traded 0.87 per cent lower at $1.72.