Cedar Woods Properties Limited (ASX:CWP) has paid $22.35 million to buy a site northeast of Perth’s central business district.
The property developer says the 40.5 hectare site in Brabham is located in a growth corridor and a good geographical fit for the company’s West Australian portfolio.
Cedar Woods expects the estate will deliver more than 350 lots with settlements expected to start at the end of 2015.
Buyer demand is expected to come from first and second home buyers who are looking for an affordable home.
Cedar Woods advises it is well placed to take advantage of acquisition opportunities as they arise.
Cedar Woods Properties boosted its net profit by 64 per cent to $18.1 million in the first half of the 2013 financial year.
