Yes, this fact is quite true. There is an underwater continent which is Zealandia. Zealandia is submerged in undersea with 94% area in undersea. It is believed that if the continental fragments smaller than 2,500,00 km per square are excluded that is submerged in sea, then it will be declared as the underwater continent or submerged continent like Zealandia. It is basically a part of land of Australia. Zealandia was formerly known as the Gondwana.

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