Pioneer land lease community developer Palm Lake Resorts today completed its 247'th sale at its Fern Bay (North of Newcastle) development. Building commenced 30 months ago and sales 24 months ago. CEO Manuel Lang (pictured) calls it one of their ‘hero’ developments – which they experience every 4 to 5 years.

At launch a new three bedroom home sold for $380,000. The last sales were at $500,000, a 31% price escalation in 24 months.

Manuel puts the success down to both a great location and the quality of the community facilities built at the outset.

They have 21 locations which include land lease communities, retirement villages and now three aged care facilities, with their fourth being opened tomorrow outside of Bundaberg – a 160 bed facility.

Palm Lake Resorts is owned by the Elliott family.