This article is from the Australian Property Journal archive
PROPERTY developer Sunland (ASX:SDG) continues to progress in wrapping up operations, having completed its remaining projects and sold its undeveloped inventory.
Sunland is continuing its strategy to return current net asset value to its shareholders and has posted a guidance for future distributions of 20 cents per share, to be paid 27 July 2023.
The group has recently finalised projects, with units and houses settled, including The Lanes Residences West Village; 272 Hedges Avenue; and Montaine Residences Project.
10 of the 30 houses in the final stage of the Montaine Residences Projects are yet to settle, though settlement is due through June 2023.
There still remains some immaterial assets that are on the market, which Sunland anticipates will be successfully disposed of in the coming months.
With no further or active projects remaining, redundancies are continuing across project related rise, construction and management positions.
The group will continue to manage capital requirements to meet their remining obligations, such as staff salaries, employee entitlements, ongoing operating expenses, maintenance of completed projects, defect rectification, contingent liabilities and emerging costs in completing the business wrap up.
Sunland’s directors have reaffirmed the distribution guidance provided at 30 September 2022, which estimated the remaining distribution of net assets of $1.21 per share.
In addition to the 20 cents per share announced, an additional proposed dividend estimated at 11 cents per share is anticipated to be declared after the release of the group’s FY23 results in August.
Capital distributions of $0.90 per share are also proposed, though this requires shareholders’ approval.
Dividends are expected to continue to be fully franked where credits are available.
