ASX-listed developer Cedar Woods has sold 50 per cent of its strata units in Melbourne’s west, while snapping up a a 20.2 hectare residential site in an off market deal for $28.25 million in Perth.
The Perth land parcel was purchased from private landowners, with payment on deferred terms and settlement scheduled in July this year.
The Brabham property, located in Perth's north-east growth corridor, is zoned urban and is expected to offer up to 380 lots.
Cedar Woods said it is dedicated to growing its portfolio by focusing on three core areas: geography, product type and price point.
Cedar Woods’ Western Australian state manager Ben Rosser said the purchase was consistent with the company’s history of counter-cyclical acquisitions while also capitalising on the new site’s location directly adjacent to the company’s best-selling project “Ariella” (main image).
“The timing of this acquisition is ideal in terms of both the point in the property cycle and in enabling the extension of the highly successful Ariella project, the company’s strongest performing in a national portfolio of 34 developments,” he said.
Rosser said Cedar Woods is actively pursuing well-located sites and the creation of quality development and and is “evaluating both land and built-form opportunities across multiple states”.
The company reported a net profit of $30.8m in the first half of the financial year.
In Melbourne, the developer cites strong sales of its 101 Overton Road project demonstrates commercial growth and an increasing white-collar workforce in Melbourne’s west.
Its second strata office in Wiliams Landing, one of Wyndham’s new employment precincts, has sold more than 50 per cent of units since launching three months ago.
The first Williams Landing strata office building, a five-level-building comprising 47 office suites and a ground floor medical centre at 111 Overton Road, sold out in seven months of launch.
Construction of the latest strata development at 101 Overton Road is due to commence this year with completion slated for late-2020.