The company spokeman said that its resort-styled residential project called Sanctuary Cove was not impacted at all by the floods. The floods in Brisbane have largely hit areas near the river. Sanctuary Cove is away from all of this. It is intact.
Sanctuary Cove is a 476ha development located on the northern-end of the Gold Coast and a 40-minute drive from Brisbane. It is one of Mulpha's largest real estate assets in Australia.
Mulpha's other large Australian investment is its 25% stake in FKP Property Group, a big property investment company. The Australian-listed FKP is also the largest private sector owner-operator of retirement villages in Australia and New Zealand.
On Jan 18 2011, FKP issued a statement to say that the “Queensland floods had only affected a small number of its assets” and that the “diversified nature of the business meant there would be no impact on profit”.
While FKP has a strong connection to Brisbane, it is the diversified nature of the group and it's spread of business across the country that minimises the impact to our bottom line.
It was reported that tropical cyclone Yasi was predicted to hit the north Queensland coast after strengthening into a high-level category four storm. In total, a 740km stretch of coastline, from Cooktown in the far north of Queensland to Mackay, on the Whitsunday Coast, is on cyclone alert, including several tourist islands of the Great Barrier Reef.
Mulpha's other Australian assets are the five-star InterContinental Sydney and the Hilton Melbourne Airport Hotel, the latter of which was sold in December 2010 to Singapore-listed Pan Pacific Hotels Group for A$108.89mil (RM334mil) cash, with the sale expected to be completed by the first quarter of 2011.
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