Type Public Industry Property development Headquarters Gold Coast, Australia Founded 1983 | Traded as ASX: SDG Website Sunland Group Limited Founder Soheil Abedian | |
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Key people Sahba Abedian, Managing director Stock price SDG (ASX) A$ 1.75 0.00 (0.00%)31 Mar, 4:10 PM GMT+11 - Disclaimer Subsidiaries Mortdella Pty Limited Profiles | ||
Sunland Group Limited (ASX: SDG) is an Australian development company headquartered in South East Queensland, Australia. The company was founded in 1983 by Iranian Australian businessman Soheil Abedian with the creation of the tallest residential over commercial building in the Southern hemisphere.
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Developments
Sunland has built Palazzo Versace a six star hotel, Q1 once the worlds tallest residential tower, Yve and Balancia.
Planned developments in Brisbane include Abian near the City Botanic Gardens and Grace on Coronation a three tower project at the site of the former ABC studios at Toowong.
History
In 2009, Australian businessmen Marcus Lee and Matthew Joyce were accused of fraud by Sunland in relation to a property deal in Dubai. Joyce and Lee were held in detention for over four years. In June 2012, Sunland lost a civil case in a Victorian court regarding the Dubai property deal. The judge said that Sunland's position had "failed in all respects" and found that Sunland had failed to make proper disclosures. An appeal to this decision in 2013 failed and found that Sunland should not have been pursuing parallel proceedings in both Victoria and Dubai. In May 2013, Matthew Joyce and Angus Reed were found guilty of defrauding Sunland in Dubai.
Sunland proceeded with an appeal in Victoria. In September 2013, the Supreme Court in Melbourne awarded costs against Sunland, and its chairman Abedian the case. The trial judge said Sunland had run the case "for ulterior motive or in wilful disregard of the facts or clearly established law" and slammed the credibility of Sunland's witnesses, Sunland executive David Brown and chairman Soheil Abedian. In December 2013, Sunland was ordered to pay $6.7 million in legal fees to Matthew Joyce and Angus Reed.