This article is from the Australian Property Journal archive
AFTER posting a bumper profit result, Sunland is considering delisting at the end of FY2023.
Over the years Sunland has been actively divesting its assets and the group expects that after April 2023 and by 30 June 2023, Sunland will have no further or active projects or material business assets remaining.
“On or about that time, Sunland may take steps to cease operating and in that case de-listing is a likely option,” company secretary Grant Harrison said.
Sunland’s current active projects include 272 Hedges Avenue, The Lanes Residences West Village, and the final two stages of Montaine Residences. Completion and settlement are expected to occur by April 2023.
Meanwhile undeveloped inventory includes lots 916, which is now settled in accordance with expectations, 917 and 918 at The Lakes in Mermaid Waters and Marina Concourse in Benowa.
This announcement comes after Sunland announced a statutory net profit after tax of $92.6 million for FY2022, up 272% from FY2021’s NPAT of $24.9 million.
