Ingenia Communities – Recent development and Sales Update

Ingenia Communities Group (ASX: INA) has delivered on key strategic goals, divested non-core assets to refocus on portfolio of its Australian rental communities, establish scalable platform and significant lifestyle communities presence and build a quality portfolio in key markets with embedded growth.

The group has now provided an update on asset overview and sales. For FY18 till date, the group reported for 41% rise in total exchanged contracts and 34% rise in settlements to 280-285 while FY18 carry forward (homes contracted or deposited) at 160, are against FY17 carry forward (homes contracted or deposited) at 134. For Ingenia Lifestyle The Grange, the sales commenced in the first half of FY18 while all new homes are expected to be sold by 2H19.

Increased new home settlements, added land rents on 2,840 new homes,  added 100 new rental cabins at Chambers Pines, Sheldon and Durack, added 170 new tourism cabins across key holiday parks, are some other key highlights. Expansion (56 sites) of established community, first settlements commenced in October 2017, and 46 homes deposited, contracted or settled with average home price >$384,000 and prices ranging from $325,000 to $462,000 were among other updates.

Over the past three years, Ingenia’s development pipeline has been extended and reshaped, moving from tourism conversions (e.g. Ettalong) towards expansions (e.g. The Grange, Bethania) and Greenfields projects (e.g. Latitude One, Plantations). Expansion and Greenfields developments typically offer higher sales rates and margins with extended project timelines.

The group has achieved approval to build premium relocatable homes on site. ASX: INA has also highlighted the evolution of premium home designs and finishes, and focus on design excellence. Facilities including indoor and outdoor pool, bowling green, library, cinema, croquet lawn and community garden are other amenities that the group has touched upon in its projects.

The stock is currently trading at a market price of $3.03, on June 28, 2018 before market close.


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