ASX-listed Ingenia Communities is seeking to accelerate construction with 500 new homes being built this financial year with work starting at 16 land lease communities.

The Sydney-based owner/operator of land lease, rental and holiday parks has development approval for 3,341 homes with another 3,110 homes requiring approval. 90% of those homes are in the prime markets of QLD and coastal and regional markets.

Ingenia told shareholders at its HY23 financial report that it had sold 125 new homes in six months, with a further 350 deposits in place. It is targeting 370-420 sales in the full financial year.

Ingenia said its homes ranged in price from $295,000 to $1 million-plus.

“Pricing is holding up in our key markets and our homes remain an attractive proposition for downsizers seeking to release equity and experience an affordable lifestyle in a desirable location,” said Ingenia Communities CEO and Managing Director Simon Owen

Ingenia Communities’ share price fell almost 22% after reducing its FY23 profit guidance but had recovered to $4.04 on Monday afternoon.