The 21-year-old Melbourne-based business said it is on track, through its building partner Todd Devine Homes, to deliver 79 new homes at Lifestyle Phillip Island by the end of the month.
The land lease resort is one of 12 communities being developed by Lifestyle Communities, whose Deferred Management Fee model was covered by national broadcaster ABC in July.
"Our new Clubhouse, by Aspekt Construction Group, is set to become the heart of our beachside community. This inviting space will be perfect for relaxation, social connection, and community events," said Lifestyle Communities.
On 13 August, Lifestyle Communities posted to the ASX a fall in operating profit after tax of 26% in FY24 of $52.9 million ($71.1 million in FY23) caused by a fall in sales of new homes and increased pre-sale and marketing costs. In that profit is $13.2 million earned through its DMF. Lifestyle Communities was the first and one of a few land lease operators to charge this fee.
It stated in its FY24 Results Presentation14 of the 255 total homes at Lifestyle Phillip Island in Cowes, where homes now start from $528,000, had been occupied.
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