QUEENSLAND property developer Ingles Group has reported a busy start to 2007 racking up $8 million in land sales and snapping up more than $10 million worth of commercial development sites.

Ingles Group, which is one of Australia’s largest privately owned development companies, now has five residential projects under way at Gladstone, Gold Coast, Sunshine Coast and Ipswich.

It has also started work on its flagship, $500 million, 900-dwelling, Big Sky residential community which is set to help kickstart the development of the Coomera Town Centre, and is now laying plans for a masterplanned community near Geelong in its first foray in Victoria.

Ingles Group managing director Graeme Ingles said the $8 million in lands sales for the March quarter would have been much higher if the land had been available.

“We are experiencing a very tight property supply market, especially on the Gold Coast, but hopefully that will change as approvals come through from the relevant authorities,” said Mr Ingles.

“On the Gold Coast we reported very strong sales in 2006 which has led to a shortage of available properties to sell.

In the past year Ingles Group has sold out of a 700-home Arundel community, sold out of the first stage of its Coomera Parklands projects and has almost sold out of another residential project at Gladstone (76 lots).

Mr Ingles said the company had plans for a further three more residential estates on the Gold Coast but was still waiting for council approvals.

As part of the Gold Coast projects the Ingles Group has unveiled a raft of new home designs specifically tailored for its developments in the Gold Coast’s northern growth corridor.

Meanwhile, Mr Ingles said the company’s expansion into commercial development was advancing very quickly

Since announcing the move in December, the Ingles Group has purchased four major development sites.

These include a:

* A 2024sqm development site in the heart of Brisbane bayside suburb of Redland Bay. The property is earmarked for a five storey mixed-used development.
* a 5979sqm Palm Beach property at 1395 Gold Coast Highway, comprises a shop tenancy at the front with a residence at rear and is just metres from the beach.
* a 1831sqm waterfront Oak holding at 18 Remembrance Drive, Surfers Paradise for $6.5 million. The high-profile site is suitable for a high-rise tower project but in the short term the Ingles Group intends to convert the former restaurant into its corporate headquarters
* the 4925sqm “Maudsland Village” site at 148 Maudsland Road, near the Upper Coomera hotel. The property is earmarked for a shopping centre and two childcare centres.
* a 2.5ha site on Harvey Road, Gladstone, which sits adjacent to the company’s almost sold out New Kaleentha Heights project. It is likely the property will become home to two new childcare centres, a shopping complex and potentially a nursery.

Mr Ingles said the first quarter had been a very busy and productive time for the company, but there was still a lot more the company could achieve.

“We are now considering our options with two mixed-used high-rise tower projects in the Gold Coast region,” said Mr Ingles.

At Ipswich, increasing buyer demand, particularly from investors, prompted the company accelerate the registration of Macquarie Downs Estate’s $150 million 49-lot Stage Two precinct, a master-planned residential estate located in Redbank Plains.

Further north, on the Sunshine Coast the Ingles Group has sold more than half of its 76-lot Glasshouse Mountains Estate since it was launched.

For further information contact Marshall Hall on 0404 195896 or marshall@barepublicity.com.au