Land lease operator Lifestyle Communities has told the Australian Stock Exchange it will add another 160 home sites to the 4,834 it has in planning, development or under management.
Managing Director James Kelly (pictured right) said the company has executed a contract to buy a new site adjoining its existing land lease community, Lifestyle Communities St Leonards, a coastal township near 33 kl east of Geelong on Victoria’s Ballarine Peninsula.
“Sales of our St Leonards project have exceeded our expectations and the additional land will allow us to add some more facilities to broaden the offer to the market,” said Mr Kelly.
Lifestyle Communities St Leonards has 18 new home selling from $335,000 (one-bedroom) to $554,5000 (three-bedroom). The Melbourne-based business has 23 lifestyle communities in planning, development or under management.
In February, Lifestyle Communities announced its profit after tax had fallen from $15.1 million in the first half of FY20 to $14.1 million in the first half of FY21, mainly attributed to lower settlement numbers due to the COVID-19 lockdown from July to October 2020 in Victoria.
This hasn’t impacted its share price, which has increased 85% in the past 12 months.