GemLife pays Sunland $29.7m for piece of Gold Coast housing estate

Sunland was planning to build more than 1000 dwellings on part of the 105-hectare The Heights estate, on Gold Coast’s northern outskirts.

Over 50s community developer GemLife is paying $29.7 million for a 46.4 hectare piece of Gold Coast housing estate, The Heights.

The deal was announced last December but required Foreign Investment Review Board approval, which came in three weeks ago.

An image from another Ray White campaign for two sites at The Heights (marked) shows some of what Sunland has built of the estate so far.

The purchaser is a partnership between two families: the Puljich’s, a well-known Queensland building group, and Thakral’s, of Singapore.

Vendor, Sunland, led by Sahba Abedian, has already built on much of the 105 hectare estate and will retain a portion expected to deliver another 190 dwellings by the end of next year.

Within a growth corridor, Pimpara is about 30 kilometres north of Surfer’s Paradise. It is about 50 kilometres south of Brisbane’s CBD.

The developer offered the parcel with plans for a subdivision allowing 267 detached houses.

GemLife is expected to construct a resort.

Ray White’s Matthew Fritzsche, Mark Creevey and Tony Williams were the marketing agents.

Elsewhere on the Gold Coast, last October, Sunland listed for sale the 3.9ha Mariner’s Cove entertainment and retail precinct, adjacent to its landmark Palazzo Versace hotel, in The Spit.

Four months earlier it banked $20m offloading the 1.6 hectare Lakeview Retail Centre in Mermaid Waters to Bao Li Investments Pty Ltd.

The company said last December that proceeds from its sale of The Heights will be put to reducing debt at its mid-rise projects including Lane Residences, near Lakeview, and Magnoli at Palm Beach.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco