The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 THE UNMISSABLE EVENT FOR PROPERTY PROFESSIONALS IN THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 UNMISSABLE FOR PROPERTY PROFESSIONALS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
13
print
Print
OfficeDinah Lewis BoucherWed 08 May 19

Cedar Woods Boasts Strong Pre-sales in Outlook

f326d795-3742-4126-a062-8311a671c898

National developer Cedar Woods says the growing number of quality development sites struggling to secure finance has presented buying opportunities for the group, announcing an 8 per cent uplift in pre-sales.

The ASX-listed developer says it remains on track to deliver a strong increase in earnings for the financial year, also thanks to progress of key development projects for the quarter.

Amid weakening market conditions, Cedar Woods advised of a positive-term outlook backed by $249 million in pre-sales, up 8 per cent on the $230 million for the same time last year.

Related: What Opportunities Exist In A Slowing Property Market?

Cedar Woods said sales at the Ellendale Project, in Brisbane suburb Upper Kedron, slowed over the quarter with access to finance the main constraint.


As the industry faces tighter lending conditions and softening consumer sentiment, managing director Nathan Blackburne said the solid half-year results and growing pre-sales was a “testament” to the diversity of the group’s portfolio.

“And the nature of our projects, many of which are in sought-after locations with low supply,” Blackburne said.

Related: Cedar Woods Sells Strata Office, Buys $28m Site

Construction kicked-off on the first apartments of the $400 million Glenside development in Adelaide earlier this year.


The company, which says it's investigating potential acquisitions across Queensland, Western Australia and Victoria, has a number of new projects, including Botanica Apartments in South Australia, and Victoria’s 107 Overton Road and Gardenia Apartments at Jackson Green, which Cedar Woods expects to add to its earnings for the 2020 financial year.

“Our strategy to diversify by geography, product type, and price point is serving us well as market conditions remain challenging nationally, with the softening of sales rates in recent months,” Blackburne said.

“We are seeing an increase in quality development sites that are struggling to get development finance, presenting us with attractive buying opportunities.

“Cedar Woods has the capital available to fund growth, so we are working to benefit from this situation.”

ResidentialAustraliaConstructionReal EstateConstructionSector
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
Roseville Hycorp EDM
Exclusive

Ku-ring-gai TOD Backflip Slashes 1500 Homes from Under-Way Developments

Clare Burnett
7 Min
Exclusive

Housing Fix Sprint Begins with New Top Planner Pushing 13 Regional Plans

Phil Bartsch
8 Min
View All >
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
Labrador Midrise Whiting Street DA hero
Residential

Labrador Scheme Joins Gold Coast Midrise Surge

Phil Bartsch
The latest proposal is for 17 apartments across an eight storey building at Labrador...
LATEST
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
3 Min
Labrador Midrise Whiting Street DA hero
Residential

Labrador Scheme Joins Gold Coast Midrise Surge

Phil Bartsch
2 Min
Interiors

Carpet Zones Bring Clarity to Open Layouts

Partner Content
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/cedar-woods-boasts-strong-pre-sales-in-outlook