John, who took over from Simon Owen on 1 April, said he had spent the first seven weeks visiting the business’ seniors land lease communities, seniors’ and all-age rental villages and holiday parks In a Trading and Guidance Update to the ASX on 27 May.
“Overall, I have a positive impression of the business. Whilst there are areas which require further review, the business is well positioned with a large real estate portfolio and experienced team,” said John.
He commenced his career with Lendlease, followed by 15 years in CEO positions with Mirvac, including complete responsibility for its residential development. This was followed by the appointment as CEO of Emaar Properties Dubai with US$120 billion in development. Most recently he has been CEO and adviser to Aqualand, with $18 billion in development projects, including Central Barangaroo.
“Firstly, my focus has been ensuring that the business executes well and delivers on current guidance, and it is pleasing to be able to announce today that we expect to deliver a FY24 result that is at the upper end of the guidance range.
“Secondly, cost growth has been outpacing revenue growth and I have identified a number of opportunities to address that.”
“I am continuing to review individual project level performance and future assumptions to ensure that our current and future pipeline provides appropriate returns and responds to changing conditions.”
Ingenia has more than 9,000 rent generating sites and occupancy remains high across all age rental communities and Ingenia Gardens (at over 99% and 95% respectively).
The first residents have now moved into Ingenia Lifestyle’s Drift community in Bargara, in Qld’s Bundaberg Region, and its Element Fullerton Cove in Port Stephens, NSW.
Ingenia has over 470 contracts and deposits on hand, and 372 homes have been sold in the year to date across the Group, with an additional 70 plus homes expected to be sold by 30 June 2024.
Browse villages.com.au for the latest on Seniors Living including availability.
Future of the seniors land lease communities sector: Westpac Leading Conversations at the Wharf
