A new Brisbane-area development application (DA) approval for Ingenia Communities (ASX:INA) has exceeded expectations and increased the real estate company’s development pipeline to more than 1,600 homes through FY2017.
The most recent approval significantly exceeded the original acquisition feasibility assumption of 200 new homes by making way for 256 new homes in the Chambers Pines community south of Brisbane.
The development approval at Chambers Pines allows for the development of the nine-hole golf course, which is adjacent to the current 204 manufactured homes and rental home community approximately 36 kilometres south of the Brisbane CBD.
Ingenia acquired the community and adjacent land for $17.6 million in March 2015.
Considering Chambers Pines is already one of Ingenia’s highest performing projects, the ability to add an additional 256 new homes to the development program may create substantial long-term value for shareholders.
Chambers Pines and the nearby Logan City suburb of Bethania now have 470 approved or identified Ingenia development sites providing significant exposure to a key growth corridor in the Brisbane market.
Ingenia acquired Bethania in July and expects to lodge a DA for more than 110 homes at the site in the coming months.
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