2149 GMT - Stockland's residential property sales in 1Q look healthy to Citi. Stockland reported net sales of 1,121 homes in 1Q, up 13% on year. In a note, analyst Suraj Nebhani highlights that Stockland had contracts on hand for nearly 4,000 homes at the end of September, up from 3,417 three months earlier. This compares to FY 2025 guidance of 5,300-5,700 residential settlements, which Stockland expects will be skewed toward its 2H. "We believe the 2Q and 3Q sales will be key to determine the progress against the guidance, but sales to date in 1Q are healthy," Citi says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 21, 2024 17:49 ET (21:49 GMT)
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