SUNLAND GROUP LAUNCHES 2013 PORTFOLIO

SUNLAND Group Limited (ASX: SDG) has announced it will undertake five new developments in south-east Queensland in the next 12 months as part of a $700 million residential portfolio released today.

The developments will add 389 luxury homes, apartments and townhouses to the Queensland market at a value of $378 million.

The Gold Coast-based property developer has also committed to 479 luxury homes in Victoria and 170 family residences in Sydney’s North Kellyville.

SDG managing director Sahba Abedian (pictured) says the portfolio comes on the back of strong first-half financial results.

The company delivered a half-year profit of $8.4 million, including the $7.29 million one-off tax benefit from the Palazzo Versace hotel sale which settled late last year.

“This portfolio continues in the tradition of our award-winning developments throughout Australia, providing beautiful, functional and desirable homes and bringing art as architecture to all,” he says.

The announcement had no effect on SDG’s previous day close of $1.29 per share.