The Sydney-based diversified property development company, which will launch two new land lease communities this month, sold 50 land lease homes in the 3Q23.
“In Land Lease Communities, upcoming project launches are supporting elevated enquiry levels, demonstrating ongoing demand for land lease community living, while net sales volumes continue to reflect the staging of releases to allow production to catch up with demand,” Tarun Gupta, Stockland Managing Director and CEO, said as the company showed it is on track to deliver on its FY23 guidance.
Over the quarter, Stockland’s established land lease portfolio maintained 100% occupancy and saw an average rental growth of 6.3% (over 3Q22).
Stockland Halcyon Evergreen, within the Stockland Evergreen Masterplanned community, in Clyde, 48km southeast of Melbourne’s CBD, and Stockland Halcyon Horizon in Armstrong Creek, Geelong, 65km southwest of Melbourne’s CBD, will both be launched this month.
In total, Stockland expects to launch seven new land lease communities by the end of FY24.
As at 3Q23, Stockland had 437 contracts on hand. For FY23, the LLC business continues to target development operating profit margin within the range of 22%-27% and settlements of 350 homes.
