Sunland Group sales activity shrinks
Market conditions impacted Sunland's sales volume during the last year, with 304 sales completed to the value of $170 million compared to 2017 where 524 sales were achieved to the value $376 million.
Sunland Group also announced its after tax profit was down, to $31.3 million for the full year ended 30 June 2018, lower than their profits last year at $35.3 million.
They made $32 million in new site acquisitions in Brisbane and a medium-density, residential development in Victoria scheduled to settle in late 2018.
The group launched four new residential projects during the 2018 financial year including Magnoli Apartments, 272 Hedges Avenue, Arbour Residences on the Gold Coast, and The Hills Residences in Brisbane.
The group also released new land stages within its master planned community at the heights in Pimpama on the northern Gold Coast.
As at 30 June 2018, Sunland had 14 active projects along Australia’s east coast.
It represents a $3.6 billion portfolio comprising 4,977 residential homes, urban land lots, multi-storey apartments, and 27,000 sqm of retail.
Sunland boss Sahba Abedian said the group achieved revenue from property sales of $290 million during the period, generated from 425 settlements.
Delivery continues at 18 Macpherson Street in Warriewood and The Gardens in Chirnside Park, which are both sold out ahead of its 2019 financial year scheduled completion.
Contracted presales for projects total 381 as of 30 June 2018, with a combined value of $314 million.
The portfolio achieved an average return of 24%.
