The residential development giant behind Logan’s Yarrabilba housing estate, Lendlease, is poised to sell off the communities arm of its business after posting an annual financial loss of $232 million for the segment.
The communities portfolio oversees the Yarrabilba development, located on the fringe of the Plunkett Conservation Park, and 64 other residential communities across the country.
In an Australian Stock Exchange (ASX) announcement posted on 14 August, Lendlease revealed while settlements in the communities business were up 52 per cent Australia wide, sales were down 43 per cent.
The loss of $232 million to June 30 compared to a $99 million loss for the same segment in the previous financial year.
The results come one month after Lendlease axed 740 jobs worldwide in July as part of a five-year plan to increase overall company performance.
It is unclear how the potential sale of the communities business segment would impact the Yarrabilba development.
