Sunland halts fund raising.

Australasian Business Intelligence, May, 2007

Byline: Lisa Allen

May 16, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Australian property group Sunland has entered into a joint venture agreement with global company Becfar. The deal has put an end to Sunland plans to raise $A200m in capital for the luxury Dubai Waterfront development, which it estimates will be worth $A860m when finished. Instead, Becfar will buy into the project by contributing half the cost of the $A107m Waterfront site, plus a $A33m premium on increased land value. The deal has eliminated the need for a capital raising. However, Sunland will remain active in funds management in Australia while expanding on developments in Dubai.

Publication Date: 17 May 2007

SUNLAND GROUP LIMITED - ASX SDG

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