Lifestyle’s Latest Acquisition Of The Plumpton Site Would Lead To 260 Luxurious Properties

  • Dec 19, 2018 AEDT
  • Team Kalkine
Lifestyle’s Latest Acquisition Of The Plumpton Site Would Lead To 260 Luxurious Properties

Lifestyle Communities Ltd (ASX: LIC) provides resort style housing for individuals in their fifties and further up. The company's aim and mission has always been to enable the elderly people to enjoy affordable luxurious living in a secure setting, which will ultimately provide them with the much-needed peace of mind. The company has so far aided more than 3100 homeowners across the region of Victoria to begin a new life phase through the company's product.

The company has via a recent ASX release stated that it has executed a contract to purchase a site located in Plumpton, Victoria. The construction is expected to commence soon i.e., after the Q3 2019.

The site is slated to comprise approximately 260 homes, and hence would be the latest addition to the Company’s community. Lifestyle Plumpton will include a range of luxurious facilities namely clubhouse, bowling green, cinema and indoor pool.

Lifestyle Communities Managing Director, James Kelly said that the management is glad to announce the acquisition of the company’s second site in Melbourne's rapidly expanding north-west growth corridor. The development of a Lifestyle Community in this strategic location will target the growing baby-boomer catchment within the established suburbs of Caroline Springs, Taylors Hill and Sydenham.

As a result of the Plumpton acquisition, combined with the expansion of our Wollert North project announced recently at the Company's Annual General Meeting, Lifestyle Communities' portfolio will increase to 3,365 homes, which includes sites in planning, development or under management.

The Plumpton site also meets the required investment criteria, as it has:

·         The catchment area which has a median house price of approximately $630,000;

·         There are 192,000 people in the primary catchment; and

·         There are approximately 48,360 people within the primary catchment, which are aged over 50 years.

This project is expected to be delivering the stated settlements in the financial year 2021.

The firm has via its operational update provided its sales and settlements information. It said that the company has achieved 85 sales and 118 settlements, as at the October end. Moreover, the company has acquired an additional land which is adjacent to the Lifestyle Wollert north. This has increased the community size to 243 homes, which is subject to the planning. The company’s Mount Duneed site is under construction while the Kaduna park and the lifestyle Wollert north are in the planning and the design phases. Overall, the group’s aim to acquire 1-2 sites per year seems to be on track with respect to growth strategy and building of communities can help drive long-term income prospects.

Meanwhile, there has been a decline in share price of the company by about 12.95 percent in the last six months, as on December 18, 2018. The shares were trading at a price of $5.05, with a market capitalization of about $ 527 million as on December 19, 2018, 1:40 PM AEST.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK