Stockland (ASX:SGP) has reaffirmed it is on track to achieve its full year guidance. The property developer recently downgraded its earnings to 30.5 cents per share.
Managing Director Matthew Quinn says the company is on track to settle around 5,000 residential lots for the year and expects to see an increase in demand in its residential business if interest rates come down.
The group has targeted an asset mix of 65 per cent focused in the retail market by 2017, followed by residential and retirement living.
Stockland posted a net profit of $308 million for the half year ending December 2011.