SUNLAND Group (ASX: SDG) has acquired a 2.29 hectare site in the Brisbane suburb of Chapel Hill, seven kilometres west of the CBD, for almost $6 million.
The site on Kirkdale Road is positioned between two idyllic parklands and has a natural waterway running through it.
The land has existing development approval for 33 homes, with nearly one of the 2.29 hectares dedicated to open green space.
Sunland Managing Director Sahba Abedian says the land will host boutique residential development with an estimated value of $30 million, comprising a mix of three and four bedroom residences which embrace their location.
"This latest acquisition is in line with our strategy of identifying premium sites within established, high-growth areas, with access to considerable natural and built amenity," says Abedian.
"The homes will cater specifically to the owner-occupier market to deliver the high level of amenity, finishes, and quality craftsmanship sought by this segment."
The land is in the area of the Chapel Hill State School, local parks, Mt Coot-Tha reserve, Kenmore Plaza, Kenmore Village Shopping Centre, and the Western Freeway.
Construction is set to commence in the first half of 2018, and should be completed during the second half of 2019.
Sunland's total portfolio now comprises 5,600 residential housing, land, and multi-storey products along Australia's east coast with a value of $3.9 billion.
Business News Australia
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