Cedar Woods Properties (CWP) Trading Update summary

Acquisition details

• Acquired an 11,600 m² site in Fairfield, Victoria, for $50m on deferred payment terms, with payments due in 2027 and 2028.

• Site features over 200m of park frontage, city skyline views, and is 4.2km from Melbourne CBD.

• Planned development is a mid-rise, multi-stage apartment project with about 300 dwellings targeting premium pricing.

• Sales launch expected in FY27, with first settlements in FY29 or earlier, subject to approvals and market conditions.

• Acquisition follows a recent purchase in South Australia for a master planned community project.

Market context and strategy

• Melbourne faces a projected shortfall of 23,500 apartments, with commencements at a 15-year low.

• Total approved homes in April fell by 5.7% to 14,633, highlighting undersupply.

• Strategy focuses on counter-cyclical acquisitions and preparing for increased demand from lower interest rates and supportive policies.

• Builder availability in Victoria is strong, with competitive construction costs and risk mitigation through presales and contract structure.

• Funding secured from a $330m facility, with over $120m undrawn by June 2025; capital partnering options under consideration.

Portfolio and outlook

• Acquisition augments the Victorian portfolio and supports diversification by product type, price point, and location.

• Portfolio includes 37 projects across four states and a pipeline of over 9,700 lots.

• Strong balance sheet and macro conditions support ongoing acquisition and development strategy.

• Focus remains on delivering quality sites into an undersupplied market.

• Emphasis on premium design to leverage the site's unique location and views.