This article is from the Australian Property Journal archive
INGENIA Communities Group (ASX: INA) has continued its divestment program over the first quarter of the 2024 financial year, exchanging contracts worth $18.6 million.
Ingenia divestments over the period include a non-core 7.8-hectare site in Hervey Bay for $11.5 million, reflecting a premium to its June 2023 premium book value with settlement set to occur before then end of the calendar year.
This in addition to a 2.4-hectare leasehold Broulee holiday park on the NSW South Coast, sold at book value of $7.1 million.
This divestment remains conditional on assignment of the lease from the NSW government, with settlement expected to take place at the end of 2023.
At the close of FY23, Ingenia posted a statutory profit of $64.36 million down 33% from $95.79 million in FY22.
Meanwhile Ingenia has settled 79 homes as at 30 September 2023, with 318 deposits and contracts on hand to support future settlements. This is up significantly from 36 settlements in Q1 2023.
Year to date the average sales price are at $588,000, up on FY23.
Forward bookings at the group’s holiday parks remains elevated compared to the same period in FY23 and are up 9% through to the end of FY24.
While Ingenia’s residential communities are to delivering stable recurring rent as the portfolio benefits from ongoing demand and high occupancy.
In Q1 an average rental uplift of over 7.5% was applied across six land lease communities and average rental growth of 8.5% across five of the group’s all-age rental communities.
Across the all-age rental communities, occupancy is at 99%, with Ingenia Gardens occupancy at 97%.
Construction timelines are gradually returning to pre-Covid levels, with 18 projects under development with the average build time now at 23 weeks, down slightly from 25 weeks at June 2023.
