Ingenia says no more rental villages will be built

Feb 07 2013 Updated July 4, 2023

The Weekly Source

1 min read

In its latest Investor briefing Ingenia states No new rental villages are being built as they are not commercially viable. Ingenia is buying struggling rental villages instead. It recently purchased Dubbo Gardens (Dubbo) for $2.4 million and Ocean Grove Gardens (Mandurah WA) for $2.8 million. Ocean Grove consists of 44 units and if construction costs were $125,000 each its replacement value would be $5.5 million [excluding community facility costs]. Ingenias pricing is approximately $300 per week rental, covering rates, maintenance, gardening, white goods, security and water. A meals package option is available at $60 per week. Ingenia is targeting a 14% yield from Ocean Grove.

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