Chief executive Chris Meehan said Winton was in "tremendous shape" and the company's landbank had the potential to yield up to 6,896 units, including 919 retirement units.
"This strong full-year performance reflects the underlying strength and resilience of the Winton business, which has been building over many years," he said.
The company's gross pre-sales book was sitting at about $662.2m at June 30 and Meehan said this included cash of $204.8m on hand and "zero debt" on the balance sheet.
Due to the timing of development and construction programmes, Winton settled 19 per cent fewer units than in the previous period and the cost of sales was down 27 per cent from the 2021 financial year.
Adding to the landbank
Winton said it made "significant" progress across its 14 master-planned neighbourhoods and 27 projects in the 2022 financial year. Projects included the development of the luxury Northbrook retirement brand which "continues to gather pace".
It also made headway across the design and resource consent application stages for five villages in Auckland and across the South Island in Christchurch, Queenstown and Wānaka.
The property developer also "added to its landbank" by picking up a 5,000 square metre Wynyard Quarter site at Beaumont Street, Auckland, for its Northbrook Wynyard luxury retirement village.
A waterfront 1.2-hectare block within Wynyard Quarter, known as Pier 21 on Westhaven Drive, Auckland, has also been added to Winton's portfolio.
Density development fund
Winton said the setting up of its $200m "medium density development" fund in partnership with Australian commercial real estate financiers MaxCap Group was waiting for Overseas Investment Office approval.
The $200m fund will focus on buying and building townhouse and apartment developments throughout NZ's metropolitan centres, Winton said.
It's expected to be the first of "various funds management initiatives" Winton will employ across different sectors of the property market.
2023 hopes
The company remained in high spirits about meeting its 2023 guidance, but warned the growth of NZ's housing market in recent years was "unsustainable".
"We've seen residential inquiries and sales soften, but our long-term strategy of seeking pre-sales adds an important layer of resilience to our financial position," Meehan said.
The Winton board declared a final dividend of 1.07 cents per share – in line with its December forecast.
The company's shares were down 3.6 per cent at $2.41 in very light trading, with 90 shares changing hands by midday.
- BusinessDesk
