Sandalwood giant Quintis has sold 363 hectares of its Kununurra sandalwood portfolio to northern cattle identity Sterling Buntine as the price of the heartwood continues to drop.
The price of sandalwood, used in fragrances to furniture, has fallen 50 per cent in the past three years
It is the second time this year the company has offloaded land in the fertile Ord River Irrigation Area in northern Western Australia, with wheat farmer Ron Greentree purchasing 517ha of sandalwood from Quintis in August for $7.675 million. This will be done "according to the company's own plantations requirements, the requirements of its customers, and macro factors affecting real estate values", it said.
The sale of Quintis' Packsaddle plantation to Mr Buntine includes more than 165,000 Indian sandalwood trees and 476,000 host trees planted 12 months ago in what was then seen as a new cycle of longevity for the company.
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