The nation’s largest listed residential property developer, in announcing its FY23 Financial Results, said its new land lease communities will it be “actively selling more than triple over the 12-month period.”
Stockland sold 270 land lease homes in FY23 (405 in FY22) as it said it had deliberately slowed release to allow production to catch up.
“We have seen sustained demand for our land lease product, supporting further price growth on new releases. The average sale price per home in FY23 was 11% above FY22 levels. We have … 387 contracts on hand at an average price 7% above FY23 settlement pricing,” said Stockland CEO, Communities, Andrew Whitson.
Its annual rental income from land lease communities was $15 million ($12 million in FY22) representing the growth of its portfolio – 2,150 established homes (1,770 in FY22).
Stockland added its net operating margins across established land lease communities is 65%.
The company's net profit fell from $1.4 billion in 2022 to $440 million in FY23 largely due to the impact of write-downs in its commercial portfolio.
