Simon Owen’s rental and lifestyle parks group, Ingenia, has lifted its EBIT result to $13.7 million for the half year to December, a rise of 26% over last year.
From a standing start in 2014, they now owned 30 land lease communities (they call them lifestyle and holiday communities).
82 new homes were delivered in the six months with an average profit excluding services of $105,890. They are targeting another 108 sales by June plus 260 in FY18. Currently 12 communities are in development.
Looking forward they wish to focus on coastal and metropolitan locations; they intend to sell some regional lifestyle communities and their three remaining retirement villages to release funds.