bahai-temple-ingleside-sydney-nsw-feature
The Bahá’í temple is a famous landmark of Ingleside. Image – Canva.
  • Properties sold for $35.3 million
  • Sunland purchased Ingleside land in 2013 and 2016
  • Company expects $11.9 million profit after tax from the sale

Sunland Group (ASX: SDG) today announced the unconditional sale of properties located in Ingleside, New South Wales.

This comes as the company had a fairly quiet year. In January, Sunland sold Greenmount Hotel for $42.3 million, and in March, sold 600 Coronation in Brisbane for $43.5 million.

Soheil Abedian, co-founder of the luxury housing developer, was also appointed a Member of the Order of Australia in June this year.

Prior transactions

The developer purchased 6.09 hectares of land in Ingleside in September 2013 for $12.2 million. The land was part of the Ingleside Urban Release Area, in which the NSW Department of Planning & Infrastructure, Pittwater Council and Urban Growth was then in the process of precinct planning to enable residential development.

Later in January 2016, the company acquired a further 6.053 hectares in Ingleside for $7.25 million via a government tender. The company then said it would increase the Group’s Sydney portfolio to more than 420 dwellings with an estimated end value f $408 million.

Today

The sale of properties located in Ingleside was made to Ingleside Wilga Development Pty Ltd. The total consideration for the contract was $35.3 million, with settlement expected by the end of this year.

An initial deposit of 10% for the properties has been received by Sunland, with the balance payable within seven days of the contract date.

Sunland reported it expects $11.9 million in net profit after tax from the sale of the properties.

Funds received from this transaction will be applied to reduce debt facilities, and fund working capital requirements.

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