A total of 258 new land lease home settlements were achieved in the 1H25, up 47% on 1H24, with the average sale price and development margin increasing.
Ingenia has 15 active projects in market across NSW, Victoria and Queensland with $90.4 million invested in development activity over the half. It has approval for more than 3,600 sites in place.
In the past six months it has bought a 29ha site at Yeppoon in Queensland for $8.6 million with approval for 286 homes, and a 33ha site in Toowoomba, Queensland, subject to DA for $21 million.
“Development activity is accelerating and benefiting from a clear focus on improving financial returns and an integrated structure with clear accountability. We have maintained the gross margin on home sales despite cost pressures and are continuing to progress our pipeline, acquiring two sites in Queensland,” CEO John Carfi said.
"We finalised development at our Chambers Pines and Seachange Coomera communities which are now contributing stable rental returns, and we have new projects contributing settlements this financial year."
Ingenia Lifestyle's average home sales price increased to $647,000, up 9% on 1H24.
Ingenia Communities, which has 15,300 income producing sites, announced underlying profit of $68.8 million, increased 58% on 1H24 with a statutory profit of $87.6 million for the half-year ending 31 December 2024 up 106%. Group revenue was up 21% to $256.9 million, and EBIT was up 48% to $86.2 million. Operating cash flow of $73.4 million represented an increase of 236% on prior corresponding period.
