This article is from the Australian Property Journal archive
ASX-listed developer Cedar Woods has received the green light from Brisbane City Council for the remaining 160 hectares of its Ellendale project in the western suburb of Upper Kedrom.
The group has previously received approval for the project’s initial stages, and now has approval across all 227 hectares, while the Council’s decision this week takes approved lots from 480 to more than 900.
“We have settled on the first 240 lots at Ellendale and securing these additional approvals will enable a continuous program of construction,” Cedar Woods managing director, Nathan Blackburne said.
He said Ellendale, the group’s first Queensland project, is the closest large-scale masterplanned community development to the Brisbane CBD.
“Ellendale is positioned in a very low supply corridor and will continue to be a solid contributor for many years to come,” Blackburne said.
A 21-lot display village opened in April and the first major park is due to open in September.
Cedar Woods’ revenue grew 8% to $240 million over the 2018 financial year, although net profit slipped to $42.6 million, due to a shift in product mix towards more apartments and townhouses, the soft Western Australia market, and new projects kicking off, which initially have lower margins.
It has entered FY19 with presales of more than $320 million, the majority of which are expected to settle this financial year, compared to $260 million at the same time last year.
Australian Property Journal
