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Sunland Group annual report 2007
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Sunland’s philanthropic efforts support organisations that deliver long lasting benefits to communities in areas of research, education and health.
These include the Clem Jones-Sunland Leukaemia Village, which was completed in Brisbane in September 2007 and provides accommodation
and support for families whose loved ones are receiving medical treatment. Sunland is currently completing a new orphanage in Sri Lanka, Light of Lanka, established following the Asian Tsunami in December 2004
to provide a safe, caring and nurturing environment for orphans and disadvantaged children in the community.
The Group has also funded a scholarship for an Indigenous student to attend the Faculty of Law at Bond University on the Gold Coast.
Furthermore, Sunland held the inaugural Sunland Foundation Ball in aid of Cure for Life, to raise funds for brain cancer research.
In other activities Sunland has supported Gold Coast Surf Lifesaving, Red Shield Appeal, The Humour Foundation (clown doctors) and the
National Breast Cancer Foundation. This year Sunland was also pleased to support the Muscular Dystrophy Association Queensland.
Sunland Foundation
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focus(verb) sharpness of vision
As Sunland explores new horizons and expands its portfolio, we remain committed to our core value of creating art through architecture. Our expertise
and enduring focus on design innovation has strengthened our position globally; creating a clear path of quality growth and opportunity.
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Sunland’s growing international profile has been underpinned by widespread industry recognition
of its Australian design and development expertise. Our reputation and capability continue to set us apart
from our peers and is opening new doors for the Group in key locations across the globe. The Group’s trademark
luxury residential developments, Palazzo Versace Gold Coast and Q1, have provided a platform for Sunland’s
expansion in the UAE. The Group’s debut developments in the UAE,
Palazzo Versace Dubai and D1, which commenced construction in January 2007, will be cornerstone
projects for Sunland in the region.As we enter new markets, Sunland will continue its
successful history of exporting its knowledge and corporate culture and marrying this with local
customs and heritage.
focus on international expansion
Forging into new international markets demands vision, knowledge and respect. Creating sculptural and expressive
buildings is central to Sunland’s global expansion.
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Sunland’s exclusive partnership with the international House of Versace has delivered a powerful springboard
for the Group to enter new global markets.The historical agreement, which spans 30 years across 15 international locations, will create projects of great
beauty that will quickly become focal destinations in their regions.
Sunland was instrumental in creating a new tourism genre through its development of the Palazzo Versace hotel and condominiums on the Gold Coast in 2000.
This project pioneered the world’s first fashion branded hotel and condominium experience and is an
international icon for opulence and elegance. Sunland’s second Palazzo Versace development,
currently under construction in Dubai and scheduled for completion in 2009, will continue to reflect the classicism
of the fashion branded hotel and intimate involvement in all design by the House of Versace.
The Palazzo Versace global rollout will contribute to the growth of Sunland’s development and hotel ownership
portfolio as well as the Group’s hotel management activities. Each project will be located in cities where
there is an established property investment market, strong tourism and leisure growth and an appreciation
of international brands.
focus on palazzo versace the Global expansion
From the conceptual to completion, Sunland’s commitment to pioneering iconic developments is
unrivalled, drawing international focus and industry accolade – and creating history.
Palazzo Versace Queensland, Australia.
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focus on architectural DesiGn
Sharpness of focus and architectural evolution bring a sense of identity and elegance to each of Sunland’s
residences. Located in areas of inherent natural beauty, every design reflects a sophisticated synergy between
the built form and the environment.
Circle on Cavill Queensland, Australia.
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focus on excellence
Passion and vision, fused with sensitive and expressive design, underpin Sunland’s international reputation for innovation. This dedicated focus has created landmark environments that
are visually striking and architecturally bold.
awarDs
Circle on Cavill 2007 UDIA Queensland Winner
Best Urban Renewal Project 2007 Gold Coast Urban Design Awards
Sue Robbins Award for Excellence in Urban Design 2007 Gold Coast Urban Design Awards
Built Form Award
Northbridge Residences 2007 Master Builders Winner – Low-rise, Multi Residential Housing over AUD$2m.
Cammeray NSW 2006 Apartment Project of the Year
Under 10 Storeys
Circle on Cavill Queensland, Australia.
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focus on urban artscape
Sunland has long recognised the enduring benefits of design excellence in the creation of vibrant communities.
Our commitment to sustainable environments and architecture is reflected in the incorporation of urban art, open space,
sculptural entry statements and master-planned parklands.
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Scul
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al en
try s
tate
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Blu
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en V
ictor
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ustra
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Circle on Cavill Queensland, Australia.
focus on profitability
Sunland’s design and development expertise has produced a profitable and award-winning business. This success
is reflected in the record profit, sales and capital raising activities achieved throughout the year, delivering a strong
balance sheet to drive our future growth.
Sunland’s total Group Portfolio is balanced between its Australian and International projects, allowing us to
concentrate and capitalise upon different market cycles and opportunities and pursue our expansion ambitions.
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focus on improvement, refinement anD evolution
As we continue to improve, refine and evolve our brand, we have expanded our business into areas complementary to Sunland’s core business of development. Our entry into
the lucrative commercial and industrial markets and funds management sector has yielded immediate success
and is contributing to the Group’s growth.
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Cam
mer
ay N
ew S
outh
Wal
es, A
ustra
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1. TERRy JACkmAN Chairman
2. SOHEIl AbEDIAN Executive Director (Managing Director Sunland Group International)
3. SAHbA AbEDIAN Managing Director
4. JAmES PACkER Non-Executive Director
5. JOHN lEAVER Non-Executive Director
6. RON EAmES Non-Executive Director
GARRy ROTHwEll Non-Executive Director (retired March 2007)
sunlanD boarD of Directors
Sunland’s Board of Directors has successfully guided the company’s expansion into new markets, delivering record profits and creating strong
opportunities for sustained growth, both in Australia and abroad.
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3.
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1.
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chairman’s report
On behalf of the Board of Directors, I am pleased to present the Annual Report and Financial Statements of Sunland Group Limited and its controlled entities for the year ended 30 June 2007. It has been a record
year for Sunland. Our focus on the Group’s core business has yielded excellent results and created an outstanding
platform for future growth.
The results reflect a period of unprecedented geographic and product diversification for the Group. Sunland
achieved a record net profit result of $88.1 million after tax, representing an increase of 21.7% on the previous year.
Record Group revenue of $634.3 million was achieved, compared to $488.6 million in the previous year.
The Group has continued its strong earnings per share performance, which has grown 106% over the past five
years to 29.7 cents for the year ended 30 June 2007.
International expansionSunland has now fully established its operations in
Dubai where, together with its joint venture partners, it has established a $2.8 billion portfolio. These activities account for just over 50% of the Group’s total workbook,
now valued at $4.8 billion.Sunland’s flagship offshore development is the Palazzo
Versace Hotel and Condominiums in Dubai. This project is being developed with joint venture partner Emirates Investment Group and construction work commenced
in January 2007. Further strengthening Sunland’s growth in Dubai
is D1 - the 80 storey sister development to Q1, adjacent to Palazzo Versace on Dubai Creek.
Palazzo Versace Dubai and D1 have already met with strong sales success and plans for new projects in
the United Arab Emirates (UAE), including Dubai waterfront and Culture Village, will be launched
in 2008.
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The Group’s Global Rollout Agreement with Gianni Versace SpA to develop 15 Palazzo Versace resorts throughout the world will provide Sunland with a strong and valuable entry point into new markets.
Australian growth and achievementsSunland has set a solid foundation for its continued expansion through a successful $90 million capital raising in march 2007 and the sale of its 49.9% share in Sunleisure for $44.8 million and wholly-owned Sunkids subsidiary for $15.9 million to mFS limited in may 2007. The two mFS transactions resulted in a cash realisation of approximately $100 million for Sunland. Sunland’s investments in the leisure and child care sectors were timely and have proven profitable for the Group.The strategic disposal of Sunleisure and Sunkids has enabled Sunland to expand into areas that complement its existing activities and further strengthen its balance sheet. This year Sunland achieved great success in its first stand-alone commercial project, with the $61 million pre-sale of the new headquarters for global airline group Virgin blue limited in bowen Hills, in brisbane’s north. Creating design-driven residential products in both master-planned estates and high-rise communities remains a key focus for Sunland in Australia. The Group has continued to build its land bank throughout the year, including the strategic purchase of a further 54 hectares in Townsville, adjoining Sunland’s bushland beach development. In early 2007 Sunland acquired 6.73 hectares in Tugun on the Gold Coast which is earmarked for a master-planned residential estate comprising 187 dwellings.Another highlight for Sunland has been the completion of the Group’s award-winning Circle on Cavill mixed use project and Avalon riverfront apartments, both located in the heart of Surfers Paradise. The two developments have a combined end value of $568 million and showcase Sunland’s
commitment to design and creating public space for the community. Circle on Cavill was named the UDIA Queensland winner – best Urban Renewal Project 2007, it also won the 2007 Gold Coast Urban Design Awards – Sue Robbins Award for Excellence in Urban Design and 2007 Gold Coast Urban Design Awards – built Form Award.
Diversified Land Fund As part of Sunland’s commitment to strengthen its annuity income stream, the company established and launched its first Diversified land Fund. This close-ended Fund is aligned with the Group’s core development activities. The $19.8 million public offer for the Fund was oversubscribed and financed three premier residential subdivisions along the eastern seaboard of Australia.Improving market conditions, particularly in regional Queensland, have resulted in strong sales results in these projects and delivered a capital distribution per unit of 40.0 cents, almost double the forecast distribution of 21.0 cents. During the year, 380 sales were recorded totalling $55.7 million, with 68.1% of total available lots sold to date.This is a growing part of the business and Sunland is currently finalising plans to launch a second fund under its established Funds management Division.
DividendDirectors declared a final 6.75 cents fully franked dividend for the year, bringing the total dividend paid for the year to 13.5 cents fully franked. This represents an 8% increase on the previous year and reflects a payout ratio of 46%. During the past five years Sunland’s dividends have increased by 350%. Directors intend to maintain the current dividend payment policy (40% and 50% payout ratio). Shareholders who have indicated their participation in the dividend reinvestment plan will receive the applicable discount of 2.5% to the weighted average market price for five days trading, up to and including the record date.
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Hotel OperationsThis division continued to perform strongly, with the 205-room Palazzo Versace Gold Coast achieving above budget results for the year. Sunland retained 50% profit from the property, as part of its joint venture arrangement with the Emirates Investments Group. The Global Rollout of Palazzo Versace hotels will result in strong growth over the medium to long term for this division, which plans to retain and operate these assets. The 213-room Palazzo Versace Dubai is due to open in 2009.
Profit ContributorsThe core of the Group’s profit was derived from our Australian development portfolio. Projects which made strong contributions in Australia included the multi-storey Circle on Cavill and Avalon developments; urban developments in bushland beach, Clover Hill and Arbour on the Park; and the Northbridge Residences, Greenwood Pocket and Jardin residential housing projects. In the coming year, it is expected that the residential portfolio will continue to contribute to the Group’s profitability.Sunland’s international operations are also expected to make a significant contribution in the year to come through the Group’s project services division by way of the joint venture activities being undertaken in Dubai.
BoardIn march this year non-Executive Director Garry Rothwell retired after six years in the role. mr Rothwell was instrumental in shaping the finance, funding and compliance strategies central to Sunland’s expansion. we thank him for his commitment and vision.
Group Financial GrowthA prudent level of cash and unused bank facilities are maintained by the Group to allow for further acquisition of new sites. As at 30 June 2007, the Group had a debt to equity gearing ratio of 20% and a debt to asset ratio of 13%. The strength of Sunland’s balance sheet will allow the Group to continue to purchase future development sites and capitalise upon market opportunities as and when they are identified.
Profit Guidance – 2008The board of Sunland has forecast a net profit guidance of $95 million for 2007-2008. The Group’s expansion into new markets, including funds management, will ensure that the business is positioned for growth and has the financial strength to endure market fluctuations.
Annual General MeetingThis year’s annual general meeting will be held at Palazzo Versace, Gold Coast on 27 November, 2007. I encourage all shareholders and interested parties to attend. It has been an historic year for Sunland and the Group is well positioned to deliver its growing development pipeline as well as investigate new opportunities within Australia and abroad. we sincerely thank our shareholders and clients for their continued support. The board also extends its gratitude and appreciation to the management and staff of Sunland for their loyalty, passion and talent, which has continued to drive the Group’s success.
Terry JackmanChairman, Sunland Group Limited
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manaGinG Director’s report
Like the communities we create, Sunland’s landmark achievements in the past year have been the product of transforming a vision into reality
through innovative design and thinking. Our two guiding principles of design excellence and financial discipline have enabled the Group to
expand its profitability and adhere to a path of clear growth.
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Importantly, this philosophy has also resulted in the delivery of landmark and iconographic projects. The outcome of this sustained focus has been a period of record profits, sales and industry recognition for the Group.Sunland’s continuing commitment to dynamic architecture has also ensured we continue to innovate within our development portfolio. This has been achieved through the clear delineation of our development and non-development portfolios and our ability to capitalise on the synergies between the two.In our development portfolio, we have expanded our business into the commercial and industrial sector with great success. In our first stand-alone commercial project, we applied our trademark design to the purpose-built Virgin blue limited airline headquarters in bowen Hills in brisbane’s inner north. This development, which is due for completion in march 2008, pre-sold in July 2007 for $61 million.Sunland has a strong background in mixed-use developments and this is an area where we will continue our focus in the years ahead. Of equal importance is our evolving non-development portfolio, comprising project services and funds management, both of which have achieved immediate results for the Group. Our funds management activities focus on development opportunities closely aligned with the Group’s core business, particularly in the residential sector. The launch of Sunland’s second fund will emulate this successful formula.Sunland’s project services division is also expanding. Central to our growth in this area has been developing and exporting the skills and capability of the Sunland team. This expertise is not only reflected in the quality of our products, but also in the relationships the Group has developed with offshore partners, authorities and communities. Our staff are industry leaders in the areas of design and project services and Sunland’s board and
management are committed to developing the talents of our people. This is part of Sunland’s commitment to continuously refine and evolve our portfolio, while nurturing our strong and loyal workforce.within the immediate future Sunland will continue to focus on the organic growth of our Australian portfolio across multi-storey, residential and urban development and advance our international portfolio through the pursuit of opportunities in new markets. Although Sunland has expanded into offshore markets, our base remains firmly fixed in Australia and our passion for creating design-driven, sustainable communities is as strong as ever. Our commitment to creating a single suburban home or an entire community carries the same focus we apply to luxury projects and continues to set us apart from our peers. Good design must be accessible to all if we are to create vibrant communities.we recognise the need for communities to have their own identity and deliver this through a mix of artscapes comprising sculptured entry statements, open space, master-planned parklands and innovative residential design.It is with great pride that each of Sunland’s projects in recent years have been recipients of industry awards and recognised for their contribution to architectural excellence. Congratulations to the Sunland management team and board on another highly successful year which has delivered record returns to the business and our shareholders. The expertise, experience and vision of the team have strengthened our Australian base and created new opportunities for our offshore expansion.Property development, project services and funds management are Sunland’s core business focus and the Group will continue to pursue expansion opportunities in these sectors.
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Overseas, our focus will be on our continued rollout of the Palazzo Versace projects, our development pipeline in the UAE and investigating opportunities in new markets. Through our global agreement, we have also expanded the wonderful creative partnership we have with the House of Versace, to set a defined platform of international growth for Sunland and enhance our hotel ownership and management portfolios.The international roll out of Palazzo Versace resorts will focus on areas with strong luxury residential markets aligned with tourism and leisure growth and an appreciation of international luxury brands. Sunland’s total Group Portfolio is now evenly balanced between its Australian and international projects to allow us to capitalise upon differing market cycles.I would like to thank all Sunland staff for their commitment and efforts throughout the year across our Australian and international operations. Our team’s ability to transfer knowledge and apply it to different sectors – and geographic locations – has been fundamental to our growth and innovation. Under the leadership of Soheil Abedian, we are proud to be exporting our expertise overseas and growing our brand in the international market.It is a truly dynamic time for the company. we look forward to delivering on our growth forecast and creating projects that enhance the communities in which we live and work.
Sahba AbedianManaging Director, Sunland Group Limited
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2006-07 financial anD operational hiGhliGhts
Year Ended 30 June 2001 (ii) 2002 (ii) 2003 (ii) 2004 (ii) 2005 (i) 2006 2007
For the year
Sales Revenue ($ millions) 126.10 205.60 218.78 390.50 199.9 488.69 634.27
Operating Profit After Tax ($ millions) 7.04 10.80 27.20 55.20 30.74 72.33 88.08
At year End
Shareholders’ Equity ($ millions) 59.77 71.14 94.09 188.00 235.90 282.96 500.24
Total Assets ($ millions) 214.60 272.31 340.70 546.87 756.51 783.64 780.39
Cash ($ millions) 3.17 2.53 11.06 9.94 14.55 55.50 115.93
Per Share
Earnings (cents) 4.25 8.00 14.40 30.60 13.50 28.90 29.70
Net tangible assets ($) 0.36 0.42 0.55 0.88 1.02 1.11 1.57
key measures
Return on shareholders’ equity after tax (%) 11.78 19.10 28.90 29.40 13.03 25.56 17.61
Gearing 30 June (Debt/Equity) 1.91:1 1.83:1 1.57:1 1.13:1 1.61:1 1.25:1 0.20:1
(i) After adjustments to AIFRS (ii) Report under previous Australian Accounting Standards
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Financial• Salesrevenuewas$634.27million• Netprofitaftertaxwas$88.08million• Dividendof13.5centsfullyfrankedpaid
6.75 cents march 2007, 6.75 cents September 2007• Shareholders’equityatyearendincreasedto$500.24m• Earningspershare–29.7cents• Nettangibleassetspershare$1.57
EBIT Margin by Division• Multi-storey26.3%• ResidentialHousing6.6%• UrbanDevelopment36.6%• ProjectServices31.1%• FundsManagement65.2%• Hotels8.1%
Revenue by Division
Urban Development12.0% – $76.1m
Residential Housing11.6% – $73.4m
Multi-Storey 67.8% – $430.0m
Hotels 2.4% – $15.5mOther 2.2% – $14.2m
Project Services 3.4% – $21.3m
Funds Management0.6% – $3.8m
International Expansion• HighlightedbytheGlobalRolloutAgreementwith
Gianni Versace SpA to develop 15 Palazzo Versace resorts throughout the world.
• PalazzoVersaceDubaiandD1commencedconstruction in January 2007 and are scheduled for delivery in 2009 and 2010 respectively.
• Threenewjointventureprojectswereenteredinto in the UAE including mixed-use residential developments; Culture Village, Dubai waterfront and the recently sold bridgewater House at business bay.
• ThevalueoftheInternationalPortfoliohasgrownto $3.8 billion following the acquisition of a second Dubai waterfront site in October 2007.
Urban Development13.5% – $85.6m
Residential Housing15.6% – $98.6m
Multi-Storey 62.0% – $391.5m
Hotels 5.8% – $36.4m
Other 0.8% – $5.2mProject Services 2.2% – $14.3m
Funds Management 0.1% – $1.0m
Asset by Division
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Australian Expansion• Multi-storeydevelopmentremainsthecorestrength
with delivery of major projects, Circle on Cavill and Avalon located at Surfers Paradise, Queensland (overall value $568 million).
• Diversificationintothecommercialsectorwiththe purpose-built national headquarters for global airline, Virgin blue limited located at bowen Hills, brisbane. Scheduled for completion in march 2008, the 12,400 square metre campus-style development was pre-sold for $61 million in July 2007.
• AustralianPortfoliogrewto6,114dwellingswitha value of $1.9 billion that are yet to be developed, settled, sold or released.
Non-Development Operations• ResponsibleEntity,SunlandFundsManagement
limited was established. Initial fund for $39 million (equity raising $19.8 million) launched in August 2006. The Fund is tracking ahead of forecast and has resulted in a return on capital of $0.40 per unit to June 2007, almost double the forecast distribution of $0.21 per unit.
• ProjectServicesincomeforecasttogenerate $129.5 million over the medium term to 2010.
• Saleof49.9percentshareinSunleisureGrouplimited for $44.8 million and wholly-owned Sunkids subsidiary for $16 million to mFS limited in may 2007.
• Successful$90millioninstitutional capital raising in march 2007.
2006-07 financial anD operational hiGhliGhts continued
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Interim Final
Net Profit after tax ($ millions)
Share Price ($)
Dividends (cents)
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international portfolio
The Dubai property market is one of the most dynamic in the world and Sunland’s operations in this region focus on property development and project services.
The Group’s first projects in Dubai, the Palazzo Versace and D1 tower, are being undertaken in a joint
venture with the Emirates Investment Group (EIG). Sunland has also forged partnerships in the UAE
with the becfar Group in Culture Village and Dubai waterfront in waterfront Palm Jebel Ali. These joint
ventures have enabled Sunland to quickly build a quality portfolio of projects in Dubai. Our growth in
the UAE is largely funded by off-the-plan sales and we are achieving a premium return on our projects.
Sunland will continue to expand its international operations beyond the middle Eastern region as it progresses the Palazzo Versace Global Rollout and
identifies opportunities for residential and mixed-use developments in other emerging markets.
palazzo versace
A key highlight of the year has been Sunland’s Global Rollout Agreement with Gianni Versace SpA to
develop 15 Palazzo Versace resorts in key locations across the globe. The first of the new international
resorts, the $857 million Palazzo Versace Hotel and Condominiums in Dubai, commenced construction in January and is scheduled for completion in 2009.
The hotel is being constructed on a 5.5 hectare site on the Dubai Creek waterfront and will yield
169 condominiums and 213 hotel rooms.The international rollout of Palazzo Versace resorts
will focus on areas with strong luxury residential markets aligned with tourism and leisure growth and
an appreciation of international luxury brands.
Development Portfolio yield 1,639 residential apartments and
213-room Palazzo Versace hotel 11,421 square metres of retail
21,806 square metres of commercial office 52.4% of Sunland portfolio
Projects currently underway Palazzo Versace Dubai - joint venture
with EIG to develop 169 condominiums and 213 hotel suites on Dubai Creek.
D1 - 80 storey sister-development to Q1 on the Gold Coast, adjacent to Palazzo Versace
on Dubai Creek, joint venture with EIG.
bridgewater House - joint venture with Greenshield to develop a 20 storey mixed-use
tower in business bay, (project sold October 2007).
Dubai waterfront - 50:50 joint venture with becfar Group to develop a mixed-use development in
waterfront Palm Jebel Ali, construction due to commence in march 2008.
Culture Village - joint venture with becfar Group to develop a 26 level mixed-use residential tower,
construction due to commence January 2008.
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Pala
zzo V
ersa
ce Q
ueen
sland
, Aus
tralia
.
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australian portfolio multi-storey
Creating luxury high-rise developments that shape urban skylines and add character to communities is a distinctive strength of Sunland. Our award-winning
Q1 and Circle on Cavill developments on the Gold Coast continued to deliver strong sales results in
2006-07, with Q1 almost completely sold out. louisa Road and balencea are scheduled
for completion in 2008 and 2009 respectively. Sunland’s design excellence has been widely
recognised within the Australian architectural industry, receiving seven awards in 2006-07.
These include the 2007 master builders winner for low Rise, multi-Residential Housing over
AUD$2 million for Northbridge Residences and the 2007 UDIA Queensland winner for best Urban
Renewal Project, for Circle on Cavill.
Multi-storey Portfolio Over 375 residential apartments
189 sales and 578 settlements in 2006-07 8.2% of Sunland portfolio
Projects completed in 2006-07 Circle on Cavill Surfers Paradise, Queensland
Avalon Surfers Paradise, Queensland 95 Cammeray Road Cammeray, New South wales
Projects under construction in 2006-07 balencea melbourne, Victoria
Projects released in 2007-08 36 louisa Road birchgrove, New South wales
1. Circle on Cavill Surfers Paradise, Queensland2. Avalon Surfers Paradise, Queensland
3. 95 Cammeray Road Cammeray, New South wales4. Balencea melbourne, Victoria
5. 36 Louisa Road birchgrove, New South wales
1.
2.
3.
4.
5.
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australian portfolio resiDential housinG
Sunland is focused on creating vibrant communities through design excellence. This vision encompasses
the communities where we live, work, shop, holiday, gather and celebrate. Sunland’s residential precincts
are purposefully located in areas of spectacular natural beauty, offering exclusive lifestyle and leisure
opportunities to the home owner. Each home is expertly designed and crafted to create a synergy
between the built and natural environment, creating a feeling of balance and harmony.
Housing Portfolio Over 680 residential homes
224 sales and 144 settlements in 2006-07 6.2% of Sunland portfolio
Projects completed in 2006-07 Jefferson Coomera, Queensland
Jardin Residences Sanctuary lakes, Victoria Casa Acacia Gardens, New South wales
Projects under construction in 2006-07 The Collection Prince Henry, New South wales
Castel Castle Hill, New South wales
Projects released in 2007-08 Greenvue Pacific Pines, Queensland
Arbour Residences burnside, Victoria Emery Narwee, New South wales Elysia Penrith, New South wales
The Parc Tugun, Queensland
1. The Collection Prince Henry, New South wales 2. Jefferson Coomera, Queensland
3. Jardin Residences Sanctuary lakes, Victoria4. Casa Acacia Gardens, New South wales
5. Castel Castle Hill, New South wales6. Greenvue Pacific Pines, Queensland
7. Arbour Residences burnside, Victoria8. Emery Narwee, New South wales
9. Elysia Penrith, New South wales 10. The Parc Tugun, Queensland
1.
2.
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australian portfolio urban Development
Creating communities by fusing sustainable development practices with our trademark architecture
is at the heart of Sunland’s urban projects. we recognise the need for communities to have their own identity and
exceed market expectations to deliver stunning entry statements, master-planned landscaping and innovative
residential design. This is all part of our commitment to creating art through architecture and making this accessible to everyone. This is an area the Group will
continue to focus on in the years ahead. we are creating communities that will stand the test of time.
Urban Portfolio Over 5,005 lots
285 sales and 289 settlements sold in 2006-07 23.4% of Sunland portfolio
Staged subdivisions completed/under construction in 2006-07
Clover Hill mudgeeraba, Queensland bushland beach Townsville, Queensland
Allure Coolum, Queensland Highfield Ridge Toowoomba, Queensland
Arbour on the Park burnside, Victoria bluestone Green werribee, Victoria
The Province Highton, Victoria Palms Estate Forster, New South wales
Project released in 2007-08 Chancellor bundoora, Victoria
Projects subject to rezoning Peregian Sunshine Coast, Queensland
Tahmoor Picton, New South wales
1. Clover Hill mudgeeraba, Queensland 2. Bushland Beach Townsville, Queensland
3. Allure Coolum, Queensland 4. Highfield Ridge Toowoomba, Queensland
5. Arbour on the Park burnside, Victoria 6. Bluestone Green werribee, Victoria
7. The Province Highton, Victoria 8. Palms Estate Forster, New South wales
9. Chancellor bundoora, Victoria
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australian portfolio commercial anD inDustrial
Sunland achieved unprecedented expansion in the past 12 months, leveraging its extensive development
experience to achieve strong and immediate results in the commercial sector. In July 2007 Sunland
pre-sold the purpose-built Virgin blue limited airline headquarters at bowen Hills, in brisbane’s inner north for $61 million. This 12,400 square metre
development is due for completion in march 2008 and represents Sunland’s first stand-alone commercial
project. It follows a number of innovative mixed-use projects by Sunland on the Gold Coast, including Aria
in broadbeach, The Grand Hotel and Apartments in labrador and most recently, Circle on Cavill.
The commercial and industrial property sector is a business area that complements the Group’s existing
activities and Sunland will continue to focus on expanding in this area. Future projects include a new
industrial development in Townsville’s city region and a commercial and shopping centre complex in
bushland beach, north of Townsville.
Commercial and Industrial Portfolio 1.6% of Sunland portfolio
Development underway 2006-07 Virgin blue limited headquarters
bowen Hills, Queensland
Project released 2007-08 Everett Street Townsville, Queensland
Project subject to approval bushland beach shopping centre, Townsville
Virgin Blue Limited headquarters bowen Hills, Queensland
40
non Development operations
Project Services (Dubai) Sunland’s project services operations are generated
from the Group’s joint venture partnerships and funds management portfolio. In addition, Emirates Sunland
Group is currently project managing the $4 billion mixed-use white bay development on the foreshore of Umm al Quwain, 60 kilometres north of Dubai,
which is due for completion in July 2012. In the medium term, Sunland’s project services activities are
expected to generate $129.5 million in revenue.
Funds Management Sunland’s first Diversified land Fund, which was
launched in September 2006, is closely aligned with our residential development activity and raised
$19.9 million for three new residential sub-divisions. In 2006-07 the fund achieved 380 sales totalling
$55.7 million, with 68.1% of the total number of available lots sold. Construction progress and planned sales releases continue to track ahead of
forecast. Investors in this fund have received a capital distribution per unit of 40 cents, almost double the
forecast dividend of 21 cents. The Group is currently finalising plans for a second fund, which is scheduled
for release by early 2008. Each fund created by Sunland will focus on development opportunities
closely aligned with the Group’s core business.
Registered Officelevel 2, 3184 Surfers Paradise boulevard
Surfers Paradise Qld 4217Telephone 07 5564 3700Facsimile 07 5564 3777
www.sunlandgroup.com.au
Brisbanelevel 3, 189 Grey Street
South brisbane Qld 4064Telephone 07 3255 0995Facsimile 07 3255 0905
Melbournelevel 2, 480 St kilda Road
melbourne Vic 3004Telephone 03 9867 5511Facsimile 03 9867 5311
Sydneylevel 12, Fairfax House
19-31 Pitt Street, Sydney NSw 2000Telephone 02 9251 5477
Facsimile 02 9251 3577
DubaiSuite 801, 8th Floor Capricorn Tower
Sheikh Zayed Road, Dubai, U.A.E.Telephone +971 4 332 0226
Facsimile +971 4 332 0225
Stock ExchangeThe Company is listed on the
Australian Stock Exchange.The Home Exchange is brisbane.
Share RegistryComputershare Investor Services Pty ltd
GPO box 523 brisbane Qld 4001 Australia
Telephone 1300 552 270 (Australia) (+613) 9415 4000 (Overseas)
AuditorsErnst & Young
Chartered Accountants1 Eagle Street
brisbane Qld 4000
SolicitorsGadens Lawyers
level 25, 240 Queen Streetbrisbane Qld 4000
BankersANZ Banking Group Ltd
324 Queen Streetbrisbane Qld 4000
BOS Internationallevel 32 waterfront Place
1 Eagle Streetbrisbane Qld 4000
National Australia Bank Ltd255 Adelaide Streetbrisbane Qld 4000
St George Bank Ltd345 Queen Street
brisbane Qld 4000
Suncorp-Metway Ltd388 Queen Street
brisbane Qld 4000
Westpac Banking Corporation260 Queen Street
brisbane Qld 4000
