Announcing an upgrade to its FY25 Earnings Guidance, Aspen led by Joint CEOs David Dixon and John Carter, said the business is “now prepared to satisfy the increasing demand for our Lifestyle houses and land”.
“We will therefore no longer manage to an 80/20 mix of net rental income and development profit,” Aspen told the ASX on 15 November.
Its Lifestyle division is eight over-50s land lease developments in NSW, Western Australia, South Australia and Victoria.
The secret to Aspen's success is delivering a disciplined business model of serving the 50% of Australians that are less well off, providing affordable housing under $400,000, including land lease, and rental accommodation at around $300 per week.
Its rental properties are priced below the market. With rental prices generally rising significantly, it underpins the business’ growth.
“Lifestyle segments rents are contracted to increase by 3-4% per annum, and the rental pool is growing at more than 10% per annum through development,” Aspen said.
The business states it is on track to more than double production in FY25 to over 200 Lifestyle houses and residential land sites. It has settled or has contracts on hand for 74 settlements.
Check out Aspen Group's lifestyle land lease communities and their availability on the #1 website villages.com.au.
