Twin towers could shape urban trend
SUNLAND says its twintower Greenmount project – close to the iconic Snapper Rocks surf break – will “redefine” the southern Gold Coast.
The company, which bought the Greenmount Resort for $26 million last year, says it will lodge a development application for the Rainbow Bay site this week.
Managing director Sahba Abedian was quizzed on the company’s plans for the property and possible environmental impacts by a shareholder yesterday at the developer’s annual meeting in Brisbane.
Mr Abedian said the Greenmount project – which could provide 200 residential apartments to the area – was targeted at owner-occupiers rather than investors.
“Our view is that the Gold Coast has reached a level of maturity and there are particular precincts, particularly on the southern end Gold Coast, that have not had the opportunity to cater to owner-occupiers,” he said.
Mr Abedian said Sunland would not push to build as high as possible on the 8266sq m landholding.
“These two towers conform to town planning requirements, although we’re seeking some additional height, which is also allowed under the town plan, we’re not reaching the maximum.”
Mr Abedian said the project would mark a shift in urban design for the area.
“It will be very prominent development. I dare say it will redefine the southern Gold Coast in terms of architectural contribution,” he said.
“We’re very mindful that it is something that is sympathetic to the environment.”
He expected it would be nine to 12 months before the development received approval from council.
Yesterday Sunland said FY18 guidance included net profit slightly lower than FY17 at between $27 million and $30 million.
It expected to pay fullyfranked dividends of 11¢ per share split between two payments in March and September.
Its contentious Mariners Cove project, planned next to Marina Mirage at Main Beach, is still on the agenda — to settle in “FY21 or beyond”.
Other Gold Coast projects include a 44-floor tower at 272 Hedges Ave, which Sunland aims to launch next year.
Mr Abedian said niche housing markets, such as masterplanned communities and medium-density housing, were performing well, while the broader housing sector was seeing “consolidation” due to issues such as a crackdown on foreign buyers.
He said international developers, which had earmarked projects for delivery, were not pressing ahead because of funding problems, creating less competition for development sites.