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In September 2005 Investa completed the acquisition of the final 60 percent of Clarendon Property Group (CPG). In doing so Investa became one of the largest home builders in Australia. At the same time we also became the sixth biggest residential land developer after consolidating Investa's land banks in Queensland, Victoria and Western Australia with CPG's development business in New South Wales (NSW). Our home building activities are conducted in Victoria, NSW and Queensland and are divided into two components: contract housing, where we build a new home on a customer's block of land and 'spec' housing where we develop house and land packages for customers seeking to purchase the complete product. During the financial year, contract housing made up approximately 60% of our house sales and 'house and land packages' made up the remainder. Investa participates throughout the residential development cycle from acquisition and rezoning to master planning and subdivision of land zoned for residential development through to the design, and construction of houses. Given this business scope, we have a valuable role in influencing the shape of communities and an opportunity to unlock the latent commercial benefits that more sustainable houses and communities can present. In the few months since completing the Clarendon acquisition we have made significant progress in this regard. |
