Cedar Woods tips $10m profit

DESPITE predictions by many of a slowdown in the residential property market in the near future, listed property developer Cedar Woods has forecast a 40 per cent increase in net profit for the 2004 financial year.

The company expects $10 million in net profit, which according to Cedar Woods chairman William Hames, is a reflection of strong demand across a number of residential projects and diversification into built form and mixed-use developments.

Mr Hames said demand for the company’s flagship development Mariners Cove and its Baldivis Rivergums development, which was launched in June, continued to be strong.

In recent years Cedar Woods has established itself in the medium density market, with the marketing of the Promontory project in Mandurah and the Aria project in Rockingham.

Mr Hames said the company remained active in land subdivision but was always ready to pursue prime opportunities as and when they were identified.

The company is also planning a mixed-use estate in Canning Vale and the commercial development, Balcatta Gardens, a six-hectare site in Balcatta.