Sunland fresh from yet another profitable year is facing a pre-launch sellout at its latest Melbourne development at its Balencea on St Kilda Road.
Australian Property Journal learnt yesterday that the Balencea residential high rise has all but sold out with just 10 of the 84 apartments still available prior to tonight’s launch in Melbourne.
Australian Property Journal can also confirm that swim star Ian Thorpe has bought a penthouse apartment.
The 23 storey glass tower has heavily sold to predominantly Sunland’s “rich-list” of Melbourne investors.
Meanwhile, Sunland yesterday recorded a net profit of $72.3 million – an increase of 132% on the previous financial year. Revenue for the year was 144%above the previous year increasing to $488.6 million.
The Board and management believe that within the next three years, the Group will derive an increasing proportion of its earnings from overseas projects, including the global rollout of Palazzo Versace.
Sunland director Sahba Abedian told Australian Property Journal yesterday that the Group expects to produce in excess of 10% profit growth in the financial year 2007 reinforcing the profit guidance of $80 million.
Abedian said the profit growth was due to Sunland’s substantial development activity in Dubai, which will counter the softening activity of the Australian property market over the next few years.
He added that in Australia Sunland would continue to concentrate on niche markets and its substantial land holdings in Queensland.
Sunland shareholders were more than happy with the Group’s diluted earnings of 28.5 cents per share and its Net Tangible Assets at $1.11.
Directors have declared a final 6.25 cents dividend for the year to be paid on September 29th, bringing the total dividend paid for 2006 to 12.5 cents fully franked.
Return on shareholder equity for the year ended June 30, 2006 was 25.56%.
By Nelson Yap
