Investment Matters

Company news: Ingenia Communities

Ingenia Communities announced it has exceeded its new homes sales target for FY-16.  As at 30-May-16, it had net sold 130 homes, as compared to a target of 120 homes for FY-16.  This bodes well for settlements going into FY17.

Ingenia has settled 98 home sales FYTD, as compared to our expectation of around 100 for FY-16.  With additional settlements in June, they should slightly exceed FY16 expectations.

Finally, Ingenia has acquired, subject to getting the development approval for a manufactured home retirement village, a new greenfield site.  The site is located in Coomera, Queensland (south of Brisbane) in a growth corridor.  The 9.1 hectare site will provide ~180 new development sites (in addition to the 1,600 already in the pipeline).