Sunland to sell northern Gold Coast development land to GemLife

Sunland to sell northern Gold Coast development land to GemLife

Property developer Sunland Group (ASX: SDG) has entered a conditional contract to sell the balance of development land at a northern Gold Coast project to GemLife for $29.7 million.

The remaining land forms part of Sunland's The Heights master planned development that spans 105 hectares in Pimpama, close to the Pacific Motorway and 20 minutes' drive from the Gold Coast's beaches.

The site is also close to the new $1 billion Westfield Coomera Town Centre, as well as the rail line connecting the Gold Coast to Brisbane.

GemLife is a partnership between Singapore's Thakral family and Australian builders the Puljich family, now with six retirement living communities in Queensland, New South Wales and Victoria.

The contract is still subject to Foreign Investment Review Board (FIRB) approval, but a deposit of 10 per cent has been paid and settlement is expected in May next year if the contract becomes unconditional.

"Sunland will retain the existing land under development which will deliver some 190 land and medium density housing product over the next 12 18 months," the company said.

"Proceeds of the sale will be allocated towards debt reduction and the Group's midrise projects which include Magnoli, Palm Beach, and soon the be released Lanes Residences, Mermaid Waters."

The group only recently received the go-ahead for the $240 million Mermaid Waters project - an apartment development within Sunland's 42ha master planned community at The Lakes. 

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