Stockland Ltd., a property developer in Australia, said today that it is on track to deliver record residential sales in fiscal 2010. The residential sales in the year to April had remained strong. The company also reaffirmed its full year earnings guidance. Residential Communities margins of the company are expected to increase in the second half of the year.

Stockland said in a statement released to the Australian stock exchange that the company achieved around 5000 net deposits in the current fiscal to the end of April. The company said that it had reported 1900 net deposits in the four moths from January to April this year. Stockland told the investors that it had begun fiscal 2010 with 1215 contracts on hand and expected to end the year with more.

The Property developer said that it expects earnings of around 29 cents per share for the fiscal 2010, comparing to a loss of 104 cents per share in previous corresponding period. In the fiscal 2009, Stockland had reported a loss of $A1.8 billion. Stockland also said that its Residential Communities margins are expected to increase by between 1% and 1.5% in the second half of the fiscal. The company said that it is expecting the increase because of the recent price increases, particularly in Victoria and Western Australia.