Sun sets on Sunland

Our investment in this property developer has worked out nicely, now with the share price closing in on NTA Jason Prowd explains why we’re moving on.

Sunland Group has been an excellent investment, delivering an annualised return of 27% since Pouncing on downtrodden developers on 22 Jan 10 (Long Term Buy – $0.78) and considerably more if you bought at the lower prices available subsequently, for example in Sunland: Sun rising or falling? on 7 Jul 11 (Speculative Buy – $0.66). Now, with the price nearing the stock's underlying tangible asset value (see Chart 1), it's time to sell.

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