Simon Owen’s ASX-listed Ingenia announced an underlying profit of $14.6 million for the six months, up 38% on last year.
The land lease model continues to significantly outshine the traditional retirement village development model. Ingenia settled 90 new homes and expect to settle up to 160 from January to June. James Kelly’s Lifestyle Communities settled 150 in the First Half.
Longer established private operators Palm Lake Resorts and Halcyon achieved significantly higher sales.
Ingenia gave an indication of the development profitability, declaring an above the ground margin of approximately $114,000 per new home sold, with homes selling from as low as $250,000.