News: Stockland boosts WA residential portfolio

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Property developer Stockland (ASX:SGP) has boosted its residential portfolio in Western Australia for $58.1 million. The company has bought two large parcels of land in Perth’s southern and northern growth corridors. 

 

Stockland hopes the acquisitions will help extend the sales life of its adjoining Newhaven and Whiteman Edge residential communities. The company says these communities are two of its most successful residential developments in the state. 

 

Managing Director and CEO Mark Steinert says the transactions are the company’s fourth and fifth acquisitions of land adjoining active residential developments in its portfolio over the last 15 months.  

 

Separately, Stockland sweetened its bid for industrial property investor Australand Property Group (ASX:ALZ) to $2.5 billion at the end of May. 

 

Stockland reported a net profit of $298 million in the first half of the 2014 financial year.