Lend Lease report strong residential sales
Lend Lease has reported a 25.4% profit boost in its half year profit announcement.
Profit was up to $315.6 million, although the property group reported a 9.4% fall in revenue to $5.9 billion.
Lend Lease has operations in Australia, United States, UK and Asia.
Chief executive Steve McCann advised Australian and UK residential markets had remained strong.
"We increased our residential pre-sold revenue by $2.2 billion, to $3.6 billion, and settlements rose 11% from the prior corresponding period," he said.
In Australia apartment pre-sales increased 195%, including sales for The Yards at Brisbane Showgrounds.
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Source: Lend Lease
The group has about 4000 apartments scheduled for delivery across Australia and the UK.
Strong residential trading conditions saw the property development business deliver profit of $132.6 million.
