14 January 2025
Cedar Woods Properties Limited (ASX: CWP) (‘Cedar Woods’ or the Company) is pleased to advise that it has acquired a strategic 18.6Ha site in Corio, near Geelong, Victoria.
The site on Plantation Road, Corio is zoned General Residential and is proposed to be developed into a residential subdivision of approximately 400 lots and parkland.
The site, purchased off-market for approximately $34.9 million from a private vendor, is expected to settle in January 2026 and contribute to earnings by FY2027.
Cedar Woods’ Managing Director, Nathan Blackburne, said whilst the Geelong market has been subdued more recently, this acquisition is a countercyclical, strategic opportunity.
“The Geelong housing market is forecast to enter a period of undersupply with a significant housing shortfall predicted. We are capitalising on the opportunity now to ensure we are ready to respond with affordable land supply, in a sub sector that is tipped to outperform in Victoria when it recovers. In the interim, we will progress planning approvals to ensure the project is market ready when this occurs”.
The residential estate will add approximately 400 homes to the area, with the majority of the development expected to comprise single storey, three- and four-bedroom homes designed to appeal to young families and those looking to enter the market at a more affordable price point.
The site is one of the largest undeveloped parcels of land within Corio, situated less than ten kilometres from the centre of Geelong, close to the Princes Highway and Avalon Airport.
Mr Blackburne said Cedar Woods has a history of successfully acquiring strategically located sites, that can generate strong returns for shareholders and excellent homes for customers.
“With our strong balance sheet, Cedar Woods remains well positioned to continue our strategy of diversification, strengthening our portfolio with quality product that can provide supply into a housing market where projected supply shortfalls are significant.”
About Cedar Woods
Cedar Woods is an award-winning, national developer of residential communities and commercial properties with a portfolio diversified by geography, price point and product type. Since 1987, we have proudly been recognised for our strong track record of creating thriving communities for our customers and delivering long-term value for our shareholders.
We place great importance on understanding our customers and their lifestyle, producing design solutions from land subdivisions in emerging residential communities, to medium- and high-density apartments and townhouses in vibrant inner-city neighbourhoods.
With 40 projects across Western Australia, Victoria, Queensland and South Australia and a pipeline of 10,000 lots, Cedar Woods is positioned well to deliver vibrant communities for decades to come.
Authorised by: Nathan Blackburne, Managing Director
Publisher Website: www.homeshelf.com.au