Cedar Woods remains upbeat about their expansion into Queensland, despite a temporary roadblock from the new state government’s review of their massive Brisbane project.
National population and housing growth has allowed the company to remain positive about the expansion, evidenced by the recent $36 million sale of Cedar Woods’ Williams Landing Masters hardware store.
The group’s Upper Kedron project in Brisbane’s west was approved by local council in December 2014, but was called in by the new Labor government in April to review its approval.
Cedar Woods’ Victorian state manager Nathan Blackburne expects the government to finalise its decision in July, blaming traffic issues due to two new suburbs nearby for the hold up.
Cedar Woods is keen to get started on the new development with a number of other locations to develop.
Managing Director Paul Sadleir says the company hopes to eventually have up to 10 projects underway in Queensland, telling The Age journalist Philip Hopkins that Cedar Woods “are pushing the minister to get a good outcome.”
This will add to the company’s portfolio of about 20 projects at varying stages of development in Victoria and Western Australia.
The company expects a record net profit after tax of $41 million in 2014-15, with presales for the 2016 financial year continuing to build.