Sunland Disposes Surplus Gold Coast Land
Sunland Group has abandoned the development of the remainder of its Pimpama masterplanned project in Queensland, selling surplus land at the project for $29.7m.
The Purchaser, retirement village developer, Gemlife, is joint venture between parent company, Living Gems and financial partner, Thakral Capital.
Sunland said it would continue its staged development of 190 house and land packages at The Heights, over the next 12 to 18 months. Sunland will use the proceeds to repay debt and to fund its other projects.
The masterplanned 105-hectare project was launched by Sunland in 2016 amid a boom in house and land development in the gGold Coast Brisbane corridor. Sales activity has however slowed as funding constraints in the market have pulled back investors and foreign buyers, leaving local investors and owner occupiers the key market.
GemLife will differentiate itself from the traditional housing developments in the area by providing a more vibrant, independent living space for over-50s with a focus on health, wellbeing and social interaction.