Stamford Land sells freehold site for $54.8m at profit less than a year after purchase

SINGAPORE - Stamford Land is selling a freehold development site in New South Wales, Australia for A$51 million (S$54.8 million), it said on Friday.

The site, at 6-26 Grove Street and 64 Constitution Road, Dulwich Hill, has a size of 10,132 sq m, and was sold to an Australian real estate fund.

Singapore-listed Stamford Land had acquired it for A$23.7 million less than a year ago.

Stamford chief executive officer Chua Siew Hwi said: "We are very excited with the sale, it represents an immediate crystallisation of returns not dissimilar to development margins without related development risks."

Stamford executive director Ow Yew Heng added: "The foresight to acquire Dulwich Hill, putting in place development approvals prior to a sale to developers is one of Stamford's core strengths."

Stamford continues to evaluate similar opportunities within New South Wales and other locations for the expansion of its development footprint, he said.

The sale is expected to be completed by end February, 2015.