Stockland CEO Tarun Gupta's belief in land lease communities justified

The property developer achieved its best first quarter sales of land lease homes and is on track to hit its FY24 target of 400-450 sales in total.

Stockland CEO Tarun Gupta said there is "sustained demand" for its burgeoning land lease product.

It achieved 111 land lease home sales in July to September with a 9% price escalation compared to the same period 12 months ago.

They have 100% occupancy and anticipate introducing up to 12 new land lease communities this financial year.

Stockland also forecasts a development operating profit of between 22 and 27%.