This article is from the Australian Property Journal archive
SUNLAND Group’s sale of a Pimpama development site to GemLife for $29.7 million has been settled.
The timing is in line with expectations outlined by Sunland when the ASX-listed developer announced a sale late last year.
The balance land is part of Sunland’s master planned development at The Heights. Sunland will retain the land under development, which will deliver 190 land and medium density housing lots over the next 12 to 18 months.
Sunland’s midrise Gold Coast projects include Magnoli at Palm Beach, and its $240 million The Lanes Residences in Mermaid Waters which received approval in November, and is within the group’s $1.3 billion master planned community.
The group has been looking for a buyer for the Mariner’s Cove Retail Village and Marina in controversial Gold Coast precinct The Spit for several months, having had hopes for a striking $600 million dual-tower project dashed.
In March, market volatility caused by the coronavirus pandemic forced the developer Sunland to abandon its $60 million off market buy-back plan.
