STRUGGLING property group Stockland has opened a shopping mall redevelopment in north Queensland only a fortnight after posting a huge loss.
Queensland Premier Campbell Newman unveiled the $180 million project on Tuesday featuring Townsville's first Myer store and 180 specialty stores.
"This project reflects a great faith that I share with Stockland in our state's economy and I hope that it gives the people of Townsville a big confidence boost," Mr Newman said in a statement.
The celebration comes less than two weeks after Stockland announced a $147.1 million interim loss for the six months to December 31.
The company's retail sector, however, generated 63 per cent of earnings.
A redevelopment at Merrylands, in Sydney's west, was completed in October last year, while the Shellharbour revamp in the NSW Illawarra opens later in 2013.
John Schroder, the chief executive of Stockland's commercial property arm, said the Townsville redevelopment had created 660 jobs during a two-year construction period, and 400 retail jobs since the redevelopment was completed in October last year.
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