Sunland Group Limited (ASX:SDG) has bought a site on the Gold Coast for $61 million to create a master planned community.
The property developer describes the acquisition as a prime 41.9 hectare residential development site.
Settlement is slated for May 2015 and the project is expected to be delivered in stages over the next decade.
Sunland says the land parcel represents the last major greenfield development site of its size and quality in the heart of the Gold Coast.
The precinct has current approval in place for 1,425 dwellings including residential housing, townhomes and medium-rise buildings.
Sunland Group reported a net profit of $14.25 million in the 2014 financial year.