CEDAR Woods Properties is expecting to book a net profit after tax of $40 million for FY2014, up 10% on the $36.64 million in FY2013.
Managing director Paul Sadleir said the company has experienced strong demand in Victoria and Western Australia during the first quarter of FY2014.
He added that settlements to date and presales achieved are in excess of 70% of the FY2014 budget.
Sales and pre-sales (including lots settled in the first quarter) have increased from $175 million at FY2013, to $205 million to date, with the majority due to settle in the current financial year.
Sadleir said the second half of FY2014 will see the release of a number of new stages, at various projects, to satisfy ongoing buyer interest.
“Current positive market conditions are underpinned by population growth, low interest rates and relatively low unemployment. As the company’s portfolio has many projects in the country’s fastest growing municipalities, Cedar Woods is well placed to benefit from these conditions,” he concluded.
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