A Message from the Managing Director: December 2023

30 November 2023

As 2023 draws to a close and we can reflect on the year that was, I am proud of Cedar Woods’ performance as we navigated a challenging environment whilst continuing to pursue growth opportunities.

First and foremost, I would like to thank the Cedar Woods team for meeting obstacles head on with professionalism and with a dedication to excellence. Some of the current operating conditions around the country have been difficult, especially with challenges faced in the construction sector.

The Cedar Woods team is built around a strong culture; we consider our staff to be a most valued asset and strive to create a rewarding working environment where teamwork, achievement, professional development and job satisfaction are our aim.

Our employee value proposition is paramount and as a forward thinking, people focused company, we create a high spirited and collaborative work environment that develops talent and values strong connections between our people.

Our team is dedicated to building diverse communities, which sets us apart from our peers, and our staff are provided the opportunity to be involved with a variety of high quality, innovative and sustainable projects across Australia.

I would like to extend a sincere thank you to our business partners, suppliers and all our project stakeholders for their ongoing support across the year. We look forward to continuing to work together to deliver positive outcomes into the future.

In 2023 Cedar Woods initiated a shift towards acquiring a portion of projects under capital partnering arrangements. A partnership with the Queensland Investment Corporation was struck in 2023 to jointly develop around 400 townhouses and apartments at the Robina town centre in South-East Queensland. Additionally, a strategic partnership was struck with Tokyo Gas for the development of residential projects around Australia with two apartment projects in Adelaide announced as relationship seed projects.

We are pleased to see the market picking up, especially for residential sales in WA where strong price growth is being achieved across several estates. Construction of built form product is still challenging but improving by the day especially as costs and work volumes ease. First home buyer activity is still subdued but we expect confidence to return once we see the peaking of interest rates which is expected in 2024 and will also be the catalyst for broader market recovery.

2024 will see the Cedar Woods team continue to deliver exciting projects across all markets where we operate and capitalise on improving market conditions. Limited housing supply, the surge in migration and a pipeline of approximately 10,000 undeveloped lots/dwellings across four states positions Cedar Woods well in the medium term.

On behalf of everyone at Cedar Woods, I would like to wish you a safe and happy festive season.