Williams Landing taking off

SIMON JOHANSON February 22, 2012

THE town centre at the Williams Landing project is evolving on schedule with planning approval granted for a shopping centre and approval for a Masters store expected in April, according to Cedar Woods.

Construction of the railway station and freeway interchange that will support the $1.5 billion, 2500-home development in Melbourne's west were also on schedule, the company said.

Midyear financial results released yesterday show the company made a first half profit from its Victorian and West Australian operations of $10.9 million. Revenue for the six months to December was down 19 per cent to $77 million dollars.

But the company said it was on track to deliver a record full-year profit of $34 million. That would be underpinned by $89 million in presales, most of which were expected within five months.

Twenty of the 27 homes in the initial release of the company's upmarket Realm development in Camberwell were sold for between $750,000 to $1.2 million.

Development was continuing of Western Australian projects including The Rivergums, Emerald Park and Harrisdale Green. The Jetty Apartments project in Palm Beach near Rockingham had been completed.

The board will pay a fully franked interim dividend of 11¢ per share.