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Sunland falls flat in Sydney

Posted on: Sun, 01 Nov 2009 16:43:00 EST

Symbols: SNLGF

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Nov 01, 2009 (The Australian Financial Review - ABIX via COMTEX) --
SNLGF | Quote | Chart | News | PowerRating -- Sunland Group has abandoned plans for an apartment project in the Sydney suburb of Cronulla. The developer has approval to construct 12 luxury apartments, but it has decided that the $A41m project is not large enough. The failure of its Birchgrove development has also prompted Sunland to pull out of the Sydney market, in order to focus on Queensland and Victoria. Sunland was forced to sell many of the Birchgrove apartments at a large discount.

Publication Date: 2 November 2009

SUNLAND GROUP LIMITED - ASX SDG
McGRATH REAL ESTATE PTY LTD
STOCKLAND - ASX SGP

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