Average build time down to 23 weeks as Ingenia Communities targets 1,600-2,000 sales for three years to end FY26

In his final AGM, Ingenia Communities’ out-going Managing Director and CEO Simon Owen said the business is “at the beginning of a multi-decade opportunity as seniors seek a move to an affordable lifestyle in desirable locations and domestic travel continues to be an attractive and attainable option for our core markets”.

Simon said the 18 projects now underway, with additional projects in FY24,  mean it has more communities in market than any competitor, with the largest pipeline in NSW, where it is incredibly hard to secure new approvals. He also said Ingenia Communities was “progressing further opportunities for co-investment partnering” in addition to its venture with Sun Communities, which sold its 10.25% stake in ASX-listed Ingenia last month. “At 13 November, we have settled 128 homes and hold a further 345 deposits and contracts on hand to support future settlements. This result represents a significant increase on the prior year. Customer inquiry has been improving with recent spring sales events attracting interest in current and future stage releases,” Simon said. “Subject to no material change in the operating environment, the Group is targeting growth in EBIT (earnings before interest and taxes) of 10% to 15% on FY23 and underlying EPS (earnings per share) of 20.8 cents to 22.3 cents for FY24.”