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Property shakes off blues

Property bluesTWO of Australia’s biggest property developers have given cautiously positive outlooks for the sector, which has taken a battering over the last three years.

Mirvac Group expects to increase earnings by 10 to 14 per cent in the current financial year, saying the company’s strategy remains firmly focused on the Australian property market.

The real estate group says in the year to September 2010 it has experienced 3.5 per cent like-for-like portfolio income growth.

Mirvac has forecast operating earnings of between 10.2 and 10.6 cents per stapled security in the current financial year.

“This is an increase of 10 to 14 per cent from the FY2010 results and is the highest expected growth in the Australian Real Estate Investment Trust sector,” Mirvac chairman James MacKenzie told the company’s annual general meeting in Brisbane.

Mirvac shares were half a cent higher at $1.265.

Meanwhile, Lend Lease Group said its outlook for the current financial year was “very positive” after the property developer secured a “significant pipeline of opportunities” in 2009-10.

Lend Lease says it enjoyed its most successful year for some time in 2010, winning several major projects.

“We now have an enviable global pipeline of opportunities which will allow the group to deliver growth over the medium term,” chairman David Crawford told the company’s annual meeting in Sydney yesterday.

Lend Lease securities closed up 14, or 2 per cent, at $7.11.

Story source www.heraldsun.com.au

Tags: developers, economy, finance, news, property, real estate

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