The land lease developer says it now expects to deliver an underlying net profit of $33 to $34 million and a statutory net profit of $52 to $53 million to shareholders after settling 321 new homes last FY.
Profits have also received a boost thanks to higher than expected prices – and Deferred Management Fees – for existing homes and a 0.25% reduction in the capitalisation rate used by valuers. Lifestyle Communities is the only LLC that we know of to charge homeowners a DMF.
The results cap off a good year for the developer, which has 16 LLCs in planning, development or under management across Victoria.
As we covered here, their latest community at Bittern on the Mornington Peninsula received 190 deposits for its 208 homes before opening.