Diversified developer Cedar Woods has forward presales of $500 million

Property developer Cedar Woods, which is building the first Over 55s CAPS development in South Australia, delivered a net profit after tax of $37.4 million in the year to 30 June, an increase of 13.9% on the prior corresponding period. During FY22, Cedar Woods made “several strategic acquisitions in WA, QLD and VIC, which are expected to contribute earnings in the medium to long term.

“Our impressive presales, coupled with a national pipeline of more than 10,300 dwellings, lots and offices, firmly positions the business to grow earnings,” Nathan Blackburne, Cedar Woods Managing Director, said.

The Over 55s CAPS development, the eight-story Bloom will, have 63 one-, two- and three-bedroom apartments, penthouses, sub-penthouses, and terraces, plus a range of shared amenities and services for residents. Bloom will be part of Cedar Woods’ $400 million masterplanned Glenside estate (pictured), a 16.5ha site, which will have approximately 1,000 townhouses and apartments at completion, with 30% of the site for public open space. Platino Properties, Frasers Property and Traders In Purple are building CAPs on the eastern seaboard.