Cedar Woods Properties Limited
(ASX:CWP) has purchased 50 hectares of land approximately 30 mins from Perth.
The property developer paid $26.25 million for the land which is zoned urban and located just to the north of a 68 hectare landholding owned by Cedar Woods.
The total land holding are expected to yield around 1500 residential sites located close to the Kwinana Freeway and located in a major urban growth corridor.
Cedar Woods says it has plenty of equity to finance this and future acquisition opportunities. The deal is expected to settle at the end of this month.
Cedar Woods Properties reported a first half net profit of $9.05 million for the 2015 financial year.
