APGF owns a quality residential land subdivision project known as “Dolphin Point” at Ulladulla which is on the South Coast of New South Wales.
While residential land subdivision projects are not typically undertaken by APGF (the project was acquired by APGF as part of an acquisition of a property funds management business in June 2007), the project is expected to yield APGF good returns when conditions improve in the New South Wales residential market.
The Dolphin Point estate consists of a 38 .5 hectare land parcel. It has a current development approval for the subdivision of the land into approximately 225 lots. Zoning of the land is predominantly for residential use but also includes some commercial and business zonings.
Development of the Dolphin Point land has not yet commenced. The land, which was previously a dairy farm, is cleared and enjoys northeast to southeast views from its gently-sloping terrain.