SINGAPORE - Stamford Land Corporation is selling a piece of land in Australia it bought less than a year ago for twice the price it paid.
The company has agreed to sell a freehold development site at 6-26 Grove Street and 64 Constitution Road, Dulwich Hill, New South Wales to an Australian real estate fund for A$51 million.
The 10,132 square metre site, with development approval, was acquired for A$23.7 million less than a year ago.
Stamford chief financial officer Chua Siew Hwi said the sale represented an immediate realisation of returns not dissimilar to development margins without incurring development risks.
Stamford executive director Ow Yew Heng noted that the foresight to acquire the property and obtaining development approvals prior to the sale is one of Stamford's core strengths.
"The group continues to evaluate similar opportunities within New South Wales and other states for expansion of its development footprint," he added.
The sale is expected to be completed by the end of February next year.