The diversified property group, which announced a statutory profit of $102 million in 1H24 compared to $301 million in 1H23, said it is expecting up to 17 Over 55s land lease communities to be actively trading by the end of FY24.
It has launched five new communities in 1H24, with up to seven 7 further launches expected by the end of FY24.
It also said it is exploring opportunities across secured sites, including up to nine future land lease communities with 2,500 homes.
Stockland, through its Halcyon brand, achieved net sales of 242 homes, with its 2,500 home sites fully occupied.
It said it had funds of $12 million from development income from 155 home settlements at a 22.3% development operating profit margin. It has 474 contracts on hand, at 9% higher average pricing to the 1H23.
It also maintained its FY24 targets of 400-450 settlements, with development operating profit margi8ns slightly below the long-term target6 of 22% to 27% due to launch costs associated with increasing production.
“Over the half and into the new year we’ve seen some early signs of improvement,” Tarun Gupta (pictured), Managing Director and Chief Executive Officer, said. “We’ve seen costs rising at more normalised levels and our customers can get into their homes now in seven months after [that] having blown out to 12.”
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