****the dubai deal**********

For those that missed it. Check out the favourable terms afforded to Sunland Group!! Take note also they have picked up another $40 million from the 50% sale ofPalazzo-Versace Hotel-Golde Coast.


December 22nd, 2004 11:30 AM
The Manager
Company Announcements
Australian Stock Exchange
SUNLAND ENTERS JV FOR PALAZZO VERSACE DUBAI AND
SELLS 49% PALAZZO VERSACE GOLD COAST
Sunland Group Limited has entered into a Joint Venture with Gulf Resources to develop
Palazzo Versace Hotel and Condominiums (Dubai). Gulf Resources is a subsidiary of
Emirates Investment Group – a company associated with His Excellency, Sheikh Tariq bin
Faisal Al Qassimi, a member of the Ruling Family of Sharjah, and the Chairman of the
Economic Development Board for Sharjah – the largest gas producing province of United
Arab Emirates.
The joint venture agreement is based on 51%/49% shareholding (in favour of Sunland) with
Gulf Resources responsible for the funding of the project and Sunland responsible for the
project delivery, with design and styling of the project provided by the House of Versace (as
previously demonstrated with Palazzo Versace – Gold Coast).
As part of the joint venture agreement, Gulf Resources will also purchase 49% of Palazzo
Versace Gold Coast. The hotel is valued at $AUD85 million.
The agreement is conditional upon new funding to be arranged by Sunland on behalf of the
joint venture (for Palazzo Versace Gold Coast) with settlement of the sale to be finalized by
July 2005.
Acting Premier, Mr Terry Mackenroth today attended the signing of the joint venture
agreements on the Gold Coast where Mr Soheil Abedian, Joint Managing Director of
Sunland Group Limited and Mr Reza Jaffar, Managing Director of Emirates Investment
Group finalized documentation for the 49% sale of Palazzo Versace, Gold Coast and the new
joint venture for Palazzo Versace – Dubai.
Mr Abedian acknowledged the initiatives of the Queensland Government in developing
strong alliances with businesses from Dubai, and introducing Gulf Resources to Sunland.
This initiative reinforces the Queensland Government’s promotion of the Smart State policy
enabling the skills, expertise and intellectual property of the State to be utilized overseas.
Yours faithfully,
SUNLAND GROUP LIMITED
Anne Jamieson
General Manager