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INGENIA COMMUNITIES GROUP — Capital/Financing Update 2017
Oct 11, 2017
65125_rns_2017-10-11_0ef8e302-91e4-4388-b88f-603159a421a2.pdf
Capital/Financing Update
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----- Start of picture text ----- ASX / Media Release----- End of picture text -----
12 October 2017
Update on proposed Avina development
Ingenia Communities Group (ASX INA) today announced that, notwithstanding a recommendation from Council to approve the development, the Sydney West Planning Panel (SWPP) declined Ingenia’s application to develop high-quality, affordable housing for active, older Australians in Vineyard.
Simon Owen, CEO Ingenia Communities, said: “Whilst a priority project for the Group, Avina represents less than 10% of our development pipeline of over 2,580 sites and our target for 350+ new home settlements in FY19 remains unchanged. As per the below table, over the next 18 months the business has a strong pipeline of new and expansion projects and the Group’s strategy remains unchanged."
“We will await the final determination which is due in the coming week before we plan our next steps. In the meantime the existing village at Avina continues to perform well, exceeding our acquisition forecasts."
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----- Start of picture text ----- 600550Latitude One(new)> $500500 Avina(expansion)450Glenwood400 (new) Upper Coomera> $375 (new)350 Blueys Beach300 (expansion)The Grange Bethania (expansion) Development > 200> $250250 Lake Conjola(expansion) (expansion) Hervey Bay(new) Chambers Pines(expansion) 100-200200 < 100150Sep-17 Dec-17 Apr-18 Jul-18 Oct-18 Feb-19 May-19 Aug-19 Dec-19 Mar-20Target Commencement DateForecast Home Sales Price ($'000s)----- End of picture text -----
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For further information please contact: Donna Byrne Group Investor Relations Manager P 02 8263 0507 E [email protected]
Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990) (AFSL415862).
Level 9, 115 Pitt St, Sydney NSW 2000, Australia
T 1300 132 946 E [email protected]