Property group Stockland has seen the best quarterly results for its residential business in four years, as it reaffirmed earnings per share growth up to 7.5 per cent for the 2015 financial year at its annual general meeting today.
Stockland managing director and chief executive, Mark Steinert, reconfirmed the group was on track to achieve EPS growth of 6 to 7.5 per cent over fiscal 2014, assuming no material change in market conditions.
Mr Steinert said the residential business had a particularly strong start to the financial year, aided by positive market conditions, particularly in Sydney and south-east Queensland.
The group's residential segment saw its strongest first quarter result in four years, with 1,652 net deposits achieved in the September quarter.
Stockland also saw its highest quarterly specialty sales growth since 2009, growing 5.7 per cent in the quarter, compared 4.7 per cent in the prior corresponding period.
Stockland grew its logistics and business park portfolio to $1.6 billion at September 30, up from $1.2 billion at the end of fiscal 2013.
The group saw occupancy of its office portfolio increase to 92.9 per cent, from 90.3 per cent at the end of fiscal 2014.
Stockland chairman, Graham Bradley, said the company had "established a solid platform for future growth, supported by a considered strategy and an executive team focused on delivering sustainable returns for security holders".
The group said it will maintain its dividend distribution at 24 cents per share for fiscal 2015.