Cedar Woods Target Benefits Show Stable Residential Markets

ASX-listed real estate developer Cedar Woods expects to realize net after-tax income of $ 40 million for the full year and says the regulations remain on track.

Despite cooling conditions and concerns about a lowering of regulations, Cedar Woods had experienced a busy fourth quarter with regulations and pre-sales. The net income forecast of $ 40 million is comparable to the net income of $ 45.4 million in 2016-17.

Cedar Woods' record pre-sales of $ 338 million for 2017-2018 were skewed in the second half of the year, explaining

"The level of sales and the progress we are making in our portfolio are particularly pleasing and provide us with a strong platform for 2019 and 2020, "said Nathan Blackburne, managing director of Cedar Woods

. "The regulations that have not been completed in 2018 will increase profits in 2019, improving an already positive outlook for the company."

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The developer has already achieved pre-sales of over $ 320 million during the 2019 fiscal year. With the expected settlement of the sale of the target head office at Williams Landing in Victoria in 2019, future profits should also remain strong.

The company also claims that its Wooloowin development in Brisbane includes three mid-rise apartment buildings and 84 terraced homes, will overtake previous guidelines after the resolution of planning approvals after two appeals. have been successfully removed. Sales and the first phase of construction of 24 townhomes are expected to begin in the first half of 2019.

In Adelaide, over 90% of Glenside's first phase development townhomes sold at an average price The volume of sales achieved at this average price is a significant result on the Adelaide property market, "said the company in a note to the ASX

.220 townhouses and 780 apartments distributed on several buildings.

These projects, along with the Port Adelaide project, covering an area of ​​12.6 hectares on 500 hectares, lay the foundation for significant profits for Cedar Woods in the years to come. config ({
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