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The mystery of Stockland
Topic Started: 28 Aug 2012, 12:58 PM (9,817 Views)
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Stockland warns on FY EPS outlook

Published 8:54 AM, 4 Dec 2012 Last update 9:05 AM, 4 Dec 2012

Stockland Ltd expects its full-year earnings to come in at the lower end of its previously issued guidance, after seeing no improvement in the Victorian residential market in the first quarter.

Earlier this year, Stockalnd warned that its full-year underlying earnings per security was likely to fall between 10 per cent and 15 per cent in fiscal 2013.

In a statement to the Australian Securities Exchange, Stockland said that unless the market improved, which seems unlikely at this stage, the figure was likely to fall closer to 15 per cent.

"EPS decline will be even greater in the first half, primarily due to a large skew to the second half in the residential business," the company said.

Stockland's residential chief executive Mark Hunter said market uncertainty and a lack of consumer confidence were continuing to present challenging market conditions, particularly in Victoria.

But the company still expects to maintain its full year distribution to shareholders at 24 cents per security.

"Although the challenging market is impacting our performance in FY13, we have made good progress in diversifying our residential portfolio and we are meeting the market with more affordable products," Mr Hunter said in a statement.

"We have demonstrated our continued focus on larger, master-planned communities, which present better economies of scale and greater potential to deliver stronger returns over time."

Read more: http://www.businessspectator.com.au/bs.nsf/Article/Stockland-warns-on-FY-EPS-outlook-pd20121204-2MTFJ
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Australand profits up 5% in 'interesting times', with strong demand for Melbourne apartments

By Larry Schlesinger
Thursday, 07 February 2013

Posted Image

Property developer Australand has reported a 5% rise in full-year operating profits to $142.1 million, with strong sales in its residential communities in NSW and a more resilient performance in some of its Melbourne apartment projects due to growth in demand for medium-density housing.

Australand reported 97 sales at its Local project in Carlton in Melbourne (pictured below), with an average price of $500,000, making it the top-selling medium-density project for the year, now 72% sold out. The project is in partnership with Citta Property Proup.

This was followed by its 333 Burwood apartment project near Camberwell junction, which recorded 93 sales with an average price of $720,000.

Sales of residential land on the outskirts of Melbourne remain “fairly subdued” due to softer trading conditions at the lower end of the market.
australandfeb7

Overall, the developer is “cautiously optimistic” about 2013 with the resurgence in Sydney “very pleasing”

The top selling land project was Greenhills Beach in Cronulla in Sydney’s Sutherland Shire with 136 sales and an average price of $830,000 per lot.

Australand also reported strong sales at Cockburn Central in Perth (94 sales with average price of $440,000) as well as Kangaroo Point in Brisbane.

There were also strong levels of pre-sales at the NSW projects of Watervue at Wolli Creek (73% pre-sold), Air at Clemton Park (97% pre-sold) along with Melbourne apartment projects Hyde (98%).

At today’s full-year results presentation, anaging director Bob Johnstone said it was “interesting times” for Australand given the recent GPT offer for the business and majority shareholder CapitaLand currently conducting a strategic review of its investment.

He said 2012 was a challenging year, but that there had been a “marked” pick-up in the fourth quarter of the year, particurlarly in residential sector.

Johnstone noted the 16% rise in residential earnings from $587 million to $606 million driven by a stronger Sydney offsetting a weaker Melbourne market with an increase in margins and higher average sales prices.

This was a strong performance than its commercial property investment portfolio, where earnings rose 8% over the year, but with high occupancies and driven by government or ASX-listed tenants.

He said this portfolio remained in “good shape”.

There were also strong sales across its Greenhills Beach residential community project in Cronulla, with 136 sales at an average price of $840,000, and Greenvale residential community, 20 kilometres north of Melbourne.

Australand holds 1,169 contracts on hand for the full financial year with 64% expected to settle in 2013.

“While the consumer remains cautious, our residential division delivered strong growth in earnings and is well positioned with contracts on hand up 24% on last year,” says Australand managing director Bob Johnston.

Australand Executive general manager for residential, Rod Fehring reported that there had been 1,788 gross lot sales over 2012, which though down on 2011, had brought with it forward momentum.

Of these 1,788 sales, 1,202 were in the resurging Sydney market with the top 10 projects contributed 84% of residential earnings in 2012.

Fehring says demand is being supported by ongoing interest from offshore investors as well as “excellent presales”.

“Sales activity lifted by 41% in NSW and 33% in WA.

Fehring says Perth benefits from favourable population growth and a very tight rental market resulting in increased overall sales activity.

“Sentiment from mining sector will drive the market, but it is a balanced market. We don’t expect rises in prices, just an improvement in activity.”

Looking at the south-eat Queensland market, Fehring said that at the start of the year things seemed to be improving, with Brisbane holding a median price advantage over the other capital cities.

“But sentiment is weak, and the recent floods may impact further,” he said.

Considering the overall market, Fehring said Australand is “cautiously optimistic about 2013” with lower interest rates, new project commencements that will make substantial contributions and fundamentals in key markets looking “reasonably sound”.

Shareholders will receive distributions of 21.5¢ per share with a similar forecast for 2013 financial year.

Read more: http://www.propertyobserver.com.au/industry-news/australand-profits-up-5-in-interesting-times-with-strong-demand-for-melbourne-apartments/2013020659199
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Headwinds hit property sector

February 11, 2013
Carolyn Cummins

INVESTORS in the listed property sector are bracing for another round of earnings write-downs this week due to the parlous state of the residential development market.

Stockland's new chief executive, Mark Steinert, is expected to sweep the decks clear on Wednesday with a potential cut of up to $200 million in the value of projects, from land banks in Queensland and possibly Victoria.

The die was cast last week when Mirvac's new chief executive, Susan Lloyd-Hurwitz, slashed the book value of the company's housing and land-bank developments in Perth and Queensland by $273.2 million.

The trigger was a combination of falling house and apartment prices, and consequently sales volumes, not helped by the past two years of poor weather, particularly in the coastal areas of the Sunshine and Gold Coasts and western parts of Brisbane.

Property analysts at JPMorgan said they expected Stockland would make impairments as it was exposed to the Queensland market to a similar extent as Mirvac.

''We have stated $100 million to $200 million as a likely Stockland impairment (but this is really just a guess as disclosure from residential developers make this very hard to estimate),'' the analysts said.

''If anything, following the Mirvac announcement, the risk is that the Stockland impairment will be a bit higher than we are expecting.''

Stockland warned two months ago that earnings would not improve until next financial year.

Stockland's chief executive residential, Mark Hunter, said at the time that market uncertainty and a lack of consumer confidence were continuing to present challenging market conditions, particularly in the Victorian residential market.

Read more: http://www.theage.com.au/business/headwinds-hit-property-sector-20130210-2e6k4.html
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Stockland net profit down 78.5%

August 13, 2013 9:30AM

PROPERTY developer Stockland has seen its net profit fall almost 80 per cent due in part to weakness in the housing market and a major writedown.

Stockland made a net profit of $104.6 million for the 2012/13 financial year, a drop of 78.5 per cent on the previous year.

But that result was skewed by a $355 million writedown in the value of the company's residential book.

Underlying profit, which excludes the writedown, was $494.8 million, a fall of 27 per cent on the previous year.

Stockland chief executive Mark Steinert on Tuesday said the company had focused on reducing costs during a tough year.

Read more: http://www.news.com.au/business/breaking-news/stockland-net-profit-down-785/story-e6frfkur-1226696100920
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Extended interview with Stockland CEO Mark Steinert

Posted Tue Aug 13, 2013 9:34pm AEST

Property Group Stockland has been under new management with the first full annual results for CEO Mark Steinert. There is a steep fall in profit, down 79 per cent to $104.6 million, including writedowns on the residential side thanks to the weak housing market.

But the new boss is confident that his restructure is making the group more resilient and well positioned for an improved market when it comes.

Watch video: http://www.abc.net.au/news/2013-08-13/extended-interview-with-stockland-ceo-mark-steinert/4884990
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Stockland's largest ever residential development launched

By Jennifer Duke
Wednesday, 25 September 2013

Stockland's largest ever residential development in New South Wales opened their Sales and Information Centre at 11am today, with New South Wales minister for planning and infrastructure, Brad Hazzard, at the forefront.

The Willowdale development is a new 350-hectare community with 3,000 homes planned. Shops, 25 acres of parks and playgrounds and a proposed school will also be included.

It is located in the East Leppington growth precinct, 1.5 kilometres from the Leppington Train Station, currently nearing completion. It is 15 kilometres from Liverpool, and 37 kilometres from Parramatta.

The first two stages of land released at Willowdale, 49 and then 46 lots, sold out within the day of release. Stage 3 lots are looking at a release early next month.

Sizes range from 350sqm to 600sqm, with land prices starting from $234,000. A house and land package indicative pricing estimate is $429,000 for the 350sqm plot, with an estimated $195,000 for the house.

First settlements are estimated for June 2014, with residents ready to move in for the end of next year.

The launch event, celebrating the official opening of the on-site Sales and Information Centre, was hosted by Stockland's managing director and CEO Mark Steinert, and CEO residential, Andrew Whitson.

“In Sydney’s South West, we’re now seeing a once-in-a-generation infrastructure development program, which has been thoughtfully and strategically mapped out to coincide with the rezoning and release of new residential land,” said Steinert.

“Willowdale is perfectly located in Denham Court at the heart of this important growth corridor and early land sales have been very encouraging.”

He said that it is just one of a number of large scale projects they're fuelling in the western suburbs of Sydney. There's a plan to bring a Marsden Park residential development to market in 2014, and they've recently announced a $222 million redevelopment of Stockland Wetherill Park Shopping Centre.

“The NSW Government’s initiative to declare growth areas and rezone precincts for urban development has allowed us to plan with confidence and invest with certainty to provide affordable new housing for the Sydney market,” Steinert said.

“We have received good support from several key NSW government departments and formed strong partnership with Campbelltown and Camden Councils.”

Other prominent guests included Bryan Doyle, member for Campbelltown; Melanie Gibbons, member for Menai; Clinton Mead, mayor of Campbelltown; and Theresa Fedeli, from Camden Council.

The centre will be open to the public from October 5, seven days a week.

Read more: http://www.propertyobserver.com.au/news/sept-25-news-plus-stockland-s-largest-ever-residential-development-launched/2013092465264
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