Stockland has released its financial results for the six months ending 31 December 2020 (1H21), recording $36 million in profits from retirement living operations, compared to $17 million for the same period in 2019.
This included the DMF profit realised from the sale of four ‘non-core villages’ to Derek McMillan’s Centennial Living for $89 million.
The developer recorded 386 settlements, up 3.6%, along with 6.3% growth in established contracts.
The company’s move towards land lease communities also saw the development pipeline grow by 25% to over 3,000 lots, now the third largest in the land lease sector. They have 12 locations.
Annual LLC sales run rates have also been projected to reach 300 within the next three years.
The first two have commenced works and sales on Queensland’s Sunshine Coast and in Minta, Victoria.
Group Executive and CEO Communities at Stockland, Andrew Whitson, said the company had made progress with its growth strategy and is actively improving returns from its established portfolio.
“By unlocking efficiencies in sales and marketing, selling non-core villages, and refreshing our customer value proposition. This has translated into strong customer enquiry and higher sales rates,” Mr Whitson said.