Sunland Group 2012
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WELCOME /’1. To salute with kindness, kind reception of a guest or newcomer 2. To receive and entertain hospitably, (to welcome a visitor) 3. To receive or accept gladly, to welcome a – new idea 4. ‘/Give pleasure or contentment to the mind or senses, [home comforts] 5. Something which is pleasing because it is much needed 6. The abiding place of the affections. HOME 1. A congenial environment, the focus of one’s domestic attention 2. ‘/A place of refuge and rest, the home base 3. On familiar ground, at ease, a place of belonging. SUNLAND GROUP 2012 NEARING A 30 YEAR MILESTONE, Sunland has delivered momentum and growth through fidelity to our core values and our nuanced understanding of the communities in which we operate on a path that can be best described as a rich and dynamic continuum. As a collective of energy and thought, we are concerned not just with today but with leaving legacies. We aspire to excel in all we do – and never being content to rest. Our challenges are viewed as, turning stumbling blocks into stepping stones that propel us forward. It’s a culture of betterment and refinement that harnesses our collaborative spirit and drives us ever onward in the building of communitites through art as architecture. Page 01 | Sunland Group Annual Report 2012 “Beauty is everywhere a welcome guest.” johann wolfgang von goethe THE SOUL SHOULD ALWAYS STAND AJAR, ‘READY TO WELCOME THE ECSTATIC EXPERIENCE.’ - emily dickinson “Beauty is … the promise of happiness.” stendahl “The masters in the art of living make little distinction between their work and their play, their labor and their leisure ... they simply pursue their vision of excellence at whatever they do.” james . a. michener ARTSCAPES. /’1. Enriching the urban fabric through the creative landscape and original sculptural installations 2. An artistic contribution to urban environments 3. Creative integration of – colour, texture, pattern, shape and form 4. To ornament through the endowment of landscape art. As an advocate of architecture’s social vision, Sunland draws inspiration from the world of arts and infuses the notion of artscape within each residential community. The Group collaborates with artisans from diverse creative fields to create beauty and individuality in each of its diverse communities: continuing to make art, through architecture, accessible to all. contents page 01 | Board of Directors page 04 | Strategic Focus page 05 | Chairman’s Report page 08 | Managing Director’s Report page 10 | Highlights page 12 | Awards in Excellence page 14 | Portfolio Australia page 15 | Portfolio Completed page 19 | Portfolio Under Construction page 25 | Portfolio to be Released page 27 | Sunland Foundation page 29 | Sunland Milestones BOARD OF DIRECTORS sunland group s o h e i l a b e d i a n s a h b a a b e d i a n t e r r y j a c k m a n r o n e a m e s c r a i g c a r r a c h e r The Board of direcTors conTinues To serve our shareholders and The communiTy and sTraTegically guides managemenT in pursuing iTs oBjecTive of fuTure growTh, achieving porTfolio expansion Through organic acquisiTions and mainTaining iTs an ongoing commiTmenT To enhancing shareholder reTurns. d r s o h e i l a b e d i a n t e r r y j a c k m a n Non-Executive Director, Sunland Group Limited Chairman/Executive Director Sunland Group Limited Mr Terry Jackman brings a wealth of tourism, leisure and Dr Soheil Abedian was educated in Vienna, Austria and moved to entertainment expertise to the Board, with a career stemming Queensland’s Gold Coast in 1983 where he co-founded Sunland from an early involvement in the entertainment industry through Homes Pty Limited to develop luxury housing projects. He has close Birch Carroll and Coyle Cinemas, and later becoming the Managing to 30 years’ experience in architectural design, construction and Director of Hoyts Theatres. Mr Jackman formerly held the position project management in a wide range of developments. of Chair of Tourism Queensland. s a h b a a b e d i a n Managing Director, Sunland Group Limited r o n e a m e s Non-Executive Director, Sunland Group Limited Mr Sahba Abedian joined the Group in 1998 as legal counsel/company Mr Ron Eames is a lawyer with specialist experience in front-end secretary. He was appointed Chief Executive Officer of Victoria in projects and project structured financing – primarily in tourism, 2000 and he established the Group’s Victorian operations. Following energy and resources sectors. his appointment as Joint Managing Director in 2003 Sahba Abedian c r a i g c a r r a c h e r assumed the role of Managing Director in 2005. Non-Executive Director, Sunland Group Limited Mr Craig Carracher has extensive transactional and management experience as Managing Partner of a leading Australian law firm, Group General Counsel for Consolidated Press Holdings Limited and CEO of its Asian private equity interests. He is a director of ASX listed Kingsgate Consolidated Limited and Managing Director of a pan-Asian private equity firm, Telopea Capital Partners. Page 02 | Sunland Group 2012 STRATEGIC FOCUS. 1. ‘/develop/ an explicit strategy for growth and define measures to (track effectiveness) 2. Work to design a desirable future and create ways to bring it about. Sunland Group inherently understands that, in an era characterised by both complexity and opportunity, a visionary company carves out its own unique niche: engaging its customers, predicting and meeting their needs, touching and enhancing people’s lives by building better communities. As a collaborative organisation, we engage beyond the corporeal and create living environments where there is connectivity between design excellence and social engagement, generating a sense of belonging that reinforces the very nature of community. Our respect for topicality and cultural sensitivity is the mainspring of an architectural revolution that is receptive, people-focused and always sensitive to time and place. Our abiding adherence to innovation and imagination, by refining our skills and applying all we have learned over across the decades into every project that we undertake. Sunland strives to build communities through architecture as art that make a contribution far beyond their physical presence. “WE CANNOT SEGREGATE THE HUMAN HEART FROM THE ENVIRONMENT OUTSIDE US AND SAY THAT ONCE ONE OF THESE IS REFORMED, EVERy- THING WILL BE IMPROVED. MAN IS ORGANIC WITH THE WORLD. HIS INNER LIFE MOULDS THE ENVIRONMENT AND IS ITSELF ALSO DEEPLY AFFECTED BY IT. THE ONE ACTS UPON THE OTHER AND EVERY ABIDING CHANGE IN THE LIFE OF MAN IS THE RESULT OF THESE MUTUAL REACTIONS.” - shoghi effendi Page 04 | Sunland Group 2012 CHAIRMAN’S REPORT. soheil a Bedian Sunland Group reported a consolidated profit after income tax of financial year ending 2012, contributing $174.2m in revenue. During construction joint venture with Arabtec and the administrative arm The Group intends to continue with the fourth tranche of the share $14.5 million, a decrease of 32% from the previous year net profit the previous corresponding period the Group achieved 536 sales related to the Dubai operations. Palazzo Versace Gold Coast is buy-back program to bring the shares on issue to 150 million. of $21.4 million. and 672 settlements (30 June 2011). now wholly owned by Sunland Group. Annual General Meeting The Group has maintained its conservative capital management Major profit contributors from the residential projects included Royal Remaining land holdings include Nur and Waterfront 1, which are This year’s annual general meeting will be held at the Palazzo strategy coupled with the continued strategic positioning of its Pines, The Glades and Cassia (Qld) and Eton (Vic), together with urban 50% owned by Sunland International and Waterfront 2 which is Versace Gold Coast at 10.30 am (Queensland time) on 26 October Australian portfolio resulting in consistent earnings. developments at Chancellor and Bluestone Green (Vic). wholly owned by Sunland International. These projects are not 2012. I encourage all shareholders and interested parties to attend. active and will continue to be proportionally consolidated. Cash flow generated by settlements over the year has enabled Sunland has a robust residential house and land portfolio comprising Future the Group to continue a minimal debt position on the residential an inventory of 2,889 products with an end value of $1.1 billion. Hotel Operations The Board is committed to the management strategy to focus on portfolio, replenish the portfolio and continue with the fourth The multi-storey portfolio inventory is excluded from the above Palazzo Versace Gold Coast, of which Sunland Group has returned capital management initiatives, in order to further strengthen the tranche of the share buy-back program. numbers as many of the key projects are undergoing approval to a 100% interest, contributed revenue of $24.8 million during the Group’s foundations. This is particularly vital while the global and processes. This includes the Marine Parade site Labrador (Qld) to be Although market conditions remain soft the Group’s residential financial year (2011: $14.7 million). local economies are unsettled. launched once management is confident that the market conditions Until the market moves to a more stabilised and confident position, portfolio performed soundly across all geographic markets and Profit Contributors are more conducive to achieve positive pre-sales and the current the Board maintains its view on enhancing shareholder value with the portfolio segments, with 398 unconditional presales totalling $189.8 Sunland’s Australian development operations contributed revenue over-supply in the Gold Coast market has been absorbed. Brisbane intention of returning to a dividend payment program in the future.