PIARA WATERS

 Cedar Woods announced in October 2010 the $7.4 million acquisition of 10 hectares of land in Piara Waters, formerly known as Forrestdale, in Perth's high growth south-eastern corridor.

The urban zoned parcel of land represents a medium term investment that will yield around 135 residential lots, subject to subdivision approvals.

The company's WA State Manager, Stuart Duplock said the land represented medium term development potential in a high growth area.

"This 10 hectare acquisition complements our existing 15 hectare landholding in Piara Waters and we forsee economies of scale in managing the combined 25 hectare landholding," said Mr Duplock.

Solid performance of nearby Canning Vale, Harrisdale and Southern River bodes well for future growth of Piara Waters, particularly with only a limited number of existing residential projects in the vicinty.

The Piara Waters acquisition closely follows the successful launch of the nearby Harrisdale Green residential development, in partnership with the Department of Housing.  Over 55% of the first stage release was sold prior to the official launch.

Mr Duplock said, "Impressive sales results at Harrisdale Green indicate strong market demand for quality land in this area".

"Overall Piara Waters represents not only a strategic growth opportunity for Cedar Woods, but also solid value for shareholders."