ASX-listed Stockland, which said it hoped to complete the sale of its Retirement Living portfolio late this year or early next, has shown why it has put its faith in land lease communities by buying Halcyon for $620 million.
It made 94 net sales in the third quarter of the 2022 financial year and said the sale price was up 4.3% on 2Q22.
Stockland said its FY22 target of 220-240 home sales is maintained despite the impact of extreme weather conditions in southeast Queensland on supply chain and production.
“Future year margins to increase due to price growth, increasing scale and management fees, tempered by upward cost pressures,” the company told the ASX.
“Leveraging Halcyon platform to unlock incremental pipeline opportunities from our masterplanned communities landbank.”
Stockland’s purchase of the Queensland operator Halcyon gave it 3,800 lots, two-thirds of which were still in planning or development.
In February Stockland announced a partnership with Mitsubishi Estate Asia to drive its land lease ambitions. The final detail of the deal is expected to be completed late this year.