Australian real estate company Sunland Group is to leave the Dubai market after the completion of its two current projects in the emirate after posting a full-year net loss of $145m.

The loss for 2008-09 reported by the Queensland-based firm compared with a net profit of $99m in the previous year, The Australian reported.

The company first made headlines in Dubai when it proposed a refrigerated beach as part of its $626m Palazzo Versace project.