01/11/2011 - 14:27

Tough market can't slow down Cedar Woods

01/11/2011 - 14:27

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Tough market can't slow down Cedar Woods

Cedar Woods says it is on track to lodge a record profit of more than $34 million this financial year, with $140 million in pre-sales underpinning its growth in trying market conditions.

The Perth-based developer said the $140 million in pre-sales eclipsed the $132 million in revenue recorded over FY2011.

“During the first quarter, sales continued steadily at Cedar Woods’ residential land estates in Western Australia and price levels were maintained despite soft market conditions,” Cedar Woods said in a statement to the ASX.

The company said construction and sales were on track at The Rivergums, in Baldivis; Emerald Park at Wellard, while its second stage release of affordable housing project Harrisdale Green has sold out.

At Rockingham, Cedar Woods said it had completed construction of its luxury apartment development, The Jetty.

Cedar Woods also said it was in the process of finalising negotiations for its joint venture for the Batavia Coast marina apartments project in Geraldton.

Construction and sales at the company’s Victorian projects, Williams Landing, Banbury Village and Realm Camberwell were all progressing well, Cedar Woods said.

In the second half of FY2012 Cedar Woods said it would launch first sales releases for new projects at Piara Waters and South Hedland.

At close of trade today Cedar Woods shares had gained 2.86 per cent, to finish at $3.60.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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