Property developer Stockland Ltd
(ASX:SGP) says it on track to deliver record residential sales in fiscal 2010, with around 5,000 net deposits achieved in the financial year to the end of April.
Stockland also reiterated its fiscal 2010 earnings per share guidance of 29 cents.
Managing director Matthew Quinn told investors at an investor update in Melbourne this morning that the company’s residential communities sales momentum has remained strong, with net deposits of almost 1,900 between January and April 2010.
Mr Quinn says the company’s residential communities margins are expected to increase between 1 and 1.5% in the second half due to recent price increases, particularly in Victoria and Western Australia.
Stockland says it has also extended its market share into new growth corridors in Victoria and Western Australia, with the acquisition of five new residential land parcels so far in fiscal 2010.
Mr Quinn says the new sites, totaling 4,750 lots at a cost of around $250 million, will replenish the company’s land bank in line with its growth strategy.
Stockland fell deep into the red in fiscal 09, posting a loss of $1.8 billion.
