In a 3Q24 Market Update to the ASX on Monday, 29 April, the diversified property group said it had sold 104 land lease homes (versus 50 homes in 3Q23) with five new project launches over FY24 year-to-date.
"As at 31 March 2024, there were 502 contracts on hand at higher average prices versus 1H24 settlements, providing embedded value to the business,” said Stockland.
"For FY24, the land lease communities business continues to target 400-450 settlements, with development operating profit margin slightly below the long-term target range of 22-27% due to launch costs associated with production ramp-up."
Stockland also said its acquisition of 12 master-planned communities from rival Lendlease, in a $1.3 billion deal the two companies announced in December, was progressing through the regulatory processes with the Foreign Investment Review Board and the Australian Competition and Consumer Commission.
“Over 3Q24, Stockland has delivered strong operational performance, while continuing to execute against our strategic priorities,” said Stockland Managing Director and Chief Executive Officer, Tarun Gupta (pictured).
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