Press Release re Sunland Joint Venture at the Glades, Robina

Press Release re Sunland Joint Venture at the Glades, Robina

21-Feb-2001

SUNLAND GROUP LIMITED

2001-02-21 ASX-SIGNAL-G

HOMEX - Brisbane


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We wish to announce that Sunland Group Limited and Thakral Holdings Limited have entered into a joint venture to develop an $85 million secure luxury residential precinct at Easthill, within Thakral's prestige The Glades golf community at Robina, Gold Coast.

Easthill will be developed in five stages over a two to three year period, and will comprise 282 luxury dwellings priced from $280,000 to $550,000. The first stage will commence in May with the construction of 45 homes to be completed by the end of 2001.

Easthill is the first residential product to come on stream at the 141 hectare The Glades project, since the site was purchased by Thakral Holdings Limited early in 2000.

A media release is attached with further details.

A Jamieson
GENERAL MANAGER


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MEDIA RELEASE
THAKRAL AND SUNLAND ANNOUNCE LANDMARK JOINT VENTURE AT THE GLADES

Thakral Holdings Limited and the Sunland Group Limited have announced a joint venture to develop an $85 million secure luxury residential precinct at Easthill, within Thakral's prestige The Glades golf community at Robina.

Easthill will ultimately comprise 282 luxury, architect-designed single and double storey homes priced between $280,000 and $550,000.

Easthill will be developed in five (5) stages over a two to three year period.

45 homes will be constructed in the first stage commencing in May and due for completion in the latter part of 2001.

Easthill is the first residential product to come on stream at the 141 hectare The Glades project, since the site was purchased by Thakral Holdings Limited from Korean company Dong Ah in early 2000 for a reported $27 million.

The Glades also includes the Greg Norman-designed Glades golf course, purchased by an Ian Baker-Finch-led consortium in October 2000 for $10 million. The Glades Golf Club is now managed by Troon Golf.

The Glades golf course was recently voted Australia's highest ranked resort golf course on debut in Golf Australia Magazine.

Thakral Holdings Limited Development Manager, Ms Eliza Macrossan said they were delighted to be associated in a joint venture with the renowned luxury home developer Sunland Group.

"We will clearly benefit from their obvious skill and expertise in the Gold Coast development arena," Ms Macrossan said.

"Thakral will retain ownership of Easthill with Sunland taking responsibility for design, construction and marketing.

She said the SC Burns Group had been appointed as project architects and that the luxury homes would be inspired by Queensland's distinct architectural style.

"Easthill is a magnificent parcel with majestic views over the golf course to the Gold Coast hinterland. It will truly offer a spectacular living environment.

This is the very first time that Thakral has joined forces with another developer and we're obviously very excited by the opportunity to work with someone with projects like Palazzo Versace and Sanctuary Cove under their belt.

Mr Soheil Abedian said the Group was also very excited at the prospect of the joint venture and saw the project as the beginning of a very successful relationship with Thakral.

"These are two fine companies with enormous track records for quality, innovation and creativity," said Mr Abedian.

"Thakral is one of the great quiet achievers on the national commercial property scene.

He said the Easthill precinct represented the only residential land in Robina, capable of hosting a golf course resort development on par with Sanctuary Cove.

"The major attraction of The Glades over other golf course residential developments is its proximity to Robina Town Centre, the rail station, public and private schools and the new Pacific Motorway.

"We view Robina as the demographic and geographic centre of the coast since the amalgamation of the Albert and Gold Coast councils.

Mr Abedian said Easthill would build on Sunland's experience in residential golf resort development at Sanctuary Cove and other projects.

"And once again we'll be working with an architect the quality of SC Burns Group to develop this new destination in residential living.

"Sunland has in fact been very active over the past five years in the luxury home market, constructing over 2100 dwellings in projects such as Eastlake, Rosedale Gardens, Cordoba Manors, Parklake and Somerset Views.

Mr Abedian said purchasing at The Glades would also have its privileges.

"Buying there is the only way to guarantee membership of the Glades Golf Club as new owner Ian Baker-Finch has insisted that there be no other memberships available to the general community.

"Glades has been ranked number eight (8) resort course nationally on debut and it can only get better under the management of 'boon Golf.

Still to come at The Glades is the $4 million clubhouse due fir completion in December and additional accommodation lodges.

Glades Golf Club owner Mr Ian Baker-Finch said he was also thrilled with the addition of Sunland to the Glades team.

Sunland is the name in development on the Gold Coast having created projects like the stunning Palazzo Versace, Carmel by the Sea, Sun City and many, many others," said Mr Baker-Finch.

"They're cutting edge, they have no marketing peer in the country and they're all about quality design and innovation.

"What better name to have associated with The Glades?"

Thakral Holdings Limited has extensive interests nationally and on the Gold Coast.

Its Gold Coast portfolio includes Airport Central adjacent to Coolangatta Airport, the oasis shopping centre and Grand Mercure Hotel, the Broadbeach monorail, the Lone Star Tavern and the Mermaid Waters resort.

FOR FURTHER INFORMATION: Graham Staerk on 0419 712 833

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