Lifestyle Communities said it expects to sell between 390 and 405 new homes and between 140 and 150 resales attracting a deferred management fee in the FY22.

 

In an update to the ASX, the land lease operator said it had sold 332 new homes and awaiting settlement to the end of April. This result compares to 252 sold at 31 December.

 

The figure is on a par with Ingenia Communities, which last month said it had settled 227 new homes, with a further 460 homes deposited or contracted.

 

“It’s been an exciting time for the business as we recently welcomed our first homeowners at our latest project at Meridian (pictured) and launched our new Salesforce platform,” said Co-Founder and Managing Director James Kelly.

 

“The supply chain in the construction industry remained under pressure in recent months but our construction team and strong relationships with key suppliers has ensured our build program remains on track. We recently received a planning permit for our latest development at Woodlea and look forward to commencing construction soon.”

 

The Company achieved a net profit after tax of $27.5 million for the first half of the 2022 financial year, compared to $14.1 million in the same period last year. The continued growth in the portfolio was the primary driver of the increase, with homes under management increasing to 2,958 (1HFY21: 2,625) and an increased 68 resale settlements attracting a deferred management fee (1HFY21: 32).

 

It owns ands operates 13 communities that are sold out and has six new sites under construction and six awaiting construction.

 

The first homeowners moved into Lifestyle Meridian at Clyde North this month.