- 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.
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.
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.