The GPT Group, one of Australia's largest property groups has bared an investment programme of $3.3 billion aimed at strengthening the company's business.

“We are undertaking a range of opportunities to add value to our business, including $1.8 billion in development projects currently underway or planned and a further $1.5 billion in the future pipeline," GPT Group CEO and Managing Director Michael Cameron said.

The company reported in its Interim 2011 financials that as of August, projects underway includes Charlestown Square, Highpoint and Melbourne Central for retail, One One One Eagle St. for office and 5 Murray Rose for industrial.

The GPT Group commenced the $300 million major expansion of Highpoint shopping centre in March that will bring to western Melbourne 100 new specialty stores, David Jones, a new Woolworths, improved access and 1,000 additional car spaces. The project is on track for completion in early 2013.

Construction of One One One Eagle Street in the Brisbane CBD is also on track and due for completion in March 2012.

"Our immediate challenge is to increase our pipeline work, and to ensure we can execute in a low risk way to ensure recurring profits and strong IRRs," Cameron said.

Cameron said the company's diverse Australian properties will enable the GPT Group to respond to uncertain economic conditions.

"We have the platforms in place to deliver continued growth and we are on track to be Australia’s best performing property group," he said.

The GPT Group forecasts retail sales growth of between 2 to 3 percent for the full year.

Michael O'Brien, GPT Group Chief Financial Office reported that the company's Realised Operating Income was up 8% to $221.5 million over the previous corresponding period which reflected the solid contributions from all its operating divisions.

Statutory A-IFRS profit for the six months ended June 30 reached $243.1 million, up 67% compared to the previous corresponding period.

Cameron said the first half financial performance is an indication of the strength of the business.

"We continue to deliver on our promises, with 8 per cent earnings growth and lower debt costs, completing a further sell down in our wholesale funds and finalising the last non-core asset sales,” Cameron adds.

The company expressed optimism of the company's future performance after putting in place various business initiatives as building blocks for growth.

These initiatives includes the project portfolio expansion programme, buy back of GPT Group securities at low prices and the decision to divest the GPT’ Group's 50% share of the MLC Centre in Sydney.

The GPT Group will use proceeds from the divestment for "other opportunities."