Australia’s largest land lease operator now owns, manages or is developing 109 lifestyle communities and has over $100 million to spend on additional sites.
In its HY22 Financial Result, the Sydney-based business said it had increased its pipeline to 6,270 potential homes across 35 lifestyle development sites.
Ingenia revealed in the six months to 31 December, its total revenue was $131.4 million, an increase of 8% on the prior corresponding period. Statutory profit of $39.8 million was up 23% on the prior corresponding period but the underlying profit of $28.1 million represented a fall of $4.7 million on 12 months earlier, which included $5.1 million of Jobkeeper subsidy.
11 communities are being built under its Ingenia Lifestyle brand with work started at Victoria Point, QLD. The ASX-listed company also bought the Seachange Group, a 168-home development site at Rochedale, QLD, and two greenfield developments with partner Sun Communities.
In total, 121 homes were sold for $20.5 million, and Ingenia said it was continuing to experience strong demand for its lifestyle offerings. The investment value of Ingenia’s land lease developments at 31 December 2021 was $267.4 million, compared to $174 million 12 months earlier.
Ingenia has fallen 18.94% on the Australian Stock Exchange this year (as of yesterday afternoon).
