The Courier-Mail

Gold Coast developer doubles profit to $30m

- SOPHIE FOSTER

GOLD Coast property developer Sunland Group is riding a wave of optimism in real estate, beating expectatio­ns and doubling its after-tax profit to $30.1 million for the year to June 30.

The firm beat last year’s profit figure of $14.3 million with the result also 50 per cent higher than original projection­s and $2 million above upgraded expectatio­ns.

Sunland managing director Sahba Abedian said the firm’s overall portfolio was sitting at 6086 land, housing and multistore­y products with a total value of $3.7 billion, with the developmen­t portfolio at $1.1 billion.

“It’s a wonderful result,” Mr Abedian said.

“What we’re observing is five or six years of strategic activity coming to bear.”

The firm logged $509 million worth of sales (up 30 per cent) over the year, and redeployed capital into southeast Queensland after selling off $90.1 million worth of assets in Melbourne and Sydney.

Mr Abedian said a number of multi-storey developmen­ts would increasing­ly start to generate stronger contributi­ons to earnings for the firm from 2017 onwards. The company’s pipeline is led by the $250 million Abian in the Brisbane CBD, which is 98 per cent sold and scheduled for completion mid-2017.

Sunland’s Grace on Coronation developmen­t in Brisbane was “temporaril­y delayed” because of an appeal, he said.

Total dividends over the year came in at 10¢ per share, which included a special dividend of 6¢ per share issued earlier. Shares were at up 1.5¢ to $1.61 at 3pm Wednesday.

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