The ASX-listed owner and operator of land lease communities, all-age rental communities, seniors rental villages and holiday parks has updated shareholders with good and bad news.
The good news is that Ingenia Communities’ construction woes appear to have abated. 18 communities are now being built, with construction started at the 606-home site in Morriset on the NSW Central Coast and the 122-home community at Fullerton Cove, Newcastle, NSW.
However, the continual raising of interest rates is making buyers hesitant, and it is hurting sales, with Ingenia Communities being on track to sell around 370 units in FY23, at the bottom of the original target of 370-420 sales in the full financial year.
Ingenia Communities signified it has the potential to add additional rental homes to existing communities to meet demand. Its all-age rental communities are full, and CEO Simon Owen (pictured) has publicly spoken about the unmet need for this type of accommodation.
It expects to add around 70 new rental homes in FY23 and up to 100 more in FY24 with demand expected to grow.
Ingenia has acquired a 10ha site next to its 190-home Ingenia Lifestyle Plantations community at Woolgoolga on the NSW mid North Coast for another 170 homes.
