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Sunland Group (ASX: SDG) has added a 3.26-hectare site in Kenmore to its portfolio, a $13.1 million acquisition that the company says will boost its presence within a high-growth area.
The development site encompasses several addresses on Moggill Road and Wyndarra Street and has been approved for 96 terrace homes with an estimated end value of $65 million.
According to managing director Sahba Abedian, the acquisition aligns with Sunland's strategy to hunt sites within established areas that have access to natural and built amenities.
He says the area has considerable growth potential and the end project will mainly target owner-occupiers.
"Our design approach will continue to cater primarily to the owner-occupier market to deliver the high level of amenity, finishes and quality craftsmanship sought by this segment," says Abedian.
"This amenity will be further complemented by the site's outstanding location directly opposite Kenmore's Park n Ride bus stop and only minutes from three local schools, Kenmore Village and Kenmore Plaza shopping centres, and local parks."
Contstruction is expected to commence during the first half of 2019 on the property which also includes more than 3,100sqm of preserved bushland along Moggill Road.
The acquisition is the latest in a string of Brisbane residential developments, including The Hills Residences which launched in Everton earlier this year.
The group is also set to open Chapel Hill's Kirkdale Residences later this year, a boutique development of 33 detached homes.
Sunland shares are currently trading at $1.81 (as of 11:31am AEST).
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