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Lifestyle Communities (ASX:LIC) purchases new site in Victoria
  • Community builder Lifestyle Communities (LIC) has purchased a new site in Pakenham, Victoria
  • The company plans to construct between 170 and 180 homes in the area
  • If approved, this will be the 20th community Lifestyle has built
  • If all goes to plan, the homes will be built and ready to be lived in by 2023
  • At market close, Lifestyle is down slightly, selling shares for $9.05 apiece

Community builder Lifestyle Communities (LIC) has purchased a new site in Pakenham, Victoria.

The company plans on constructing between 170 and 180 homes. This will be Lifestyle's 20th community built if the plans get approved.

It has a strong track record of developments within the Cardinia Shire and is confident a planning permit will be awarded.

"We are pleased to announce the acquisition of a new site in Melbourne’s rapidly expanding south-east growth corridor where Lifestyle Communities has established a well-known brand," Managing Director James Kelly said.

As a result of the purchase, Lifestyle's portfolio will increased by approximately 175 homes sites to 3960, which includes sites in planning, development or under management.

The Packenham Project is expecting to have customer home settlements in 2023.

On market close, Lifestyle is down slightly, selling shares for $9.05 apiece.


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