Im pretty sure the Badgerys Creek Land project is included in...

Im pretty sure the Badgerys Creek Land project is included in the 500 hectares land holding. I think CSR are classing the 200ha in Badgerys Creek that as western corridor but we probably need a CSR employee to confirm etc...

A few comments sourced from various documents that might be of interest:

Total funds employed in the Property Division - $181.4 million

Source: Results Presentation, Half Year ended 30 September 2018

"CSR also has a very strong Property portfolio. Our team has in-depth knowledge ofmanaging major land redevelopment projects in terms of rehabilitation, rezoning andinfrastructure. CSR owns in excess of 500 hectares of land in the key growth corridorof western Sydney in addition to sites across the rest of Australia. This presents agreat opportunity for CSR to increase its earnings from Property over the next decadeand beyond."

Source: CSR LIMITED ANNUAL GENERAL MEETING27 June 2018Chairman’s AddressBy John Gillam

"Key projects include:

• Schofields, NSW – 70ha future residential
• Horsley Park, NSW – 30ha surplus industrial land (recently sold 10 hectares for $31 million)
• Chirnside Park, Vic – 43ha residential
• Brendale, Qld – 30ha industrial development
• Badgery’s Creek, NSW – 200ha future development"

Source: CSR Limited Annual Report, page 17

To determine approximate uplift, It's worth noting that the Chirnside Park project has produced $31.4 million (2018 Annual Report, page 16) of EBIT and stage 6 continues. Assuming a total EBIT of $43 million for the Chirnside Park project, which equates to $1 million per hectare, there is massive uplift headed shareholders way if this rule of thumb is applied to other projects. In addition to EBIT returns, there is obviously the capital associated with the purchase of the land that could be returned to shareholders or reinvested. In any event, i still think this land is worth more than the $181.4 million it appears to be recorded as in their books but it could take 5-10 years to realise a large part of this uplift...Im happy to wait

Do your own research and best of luck to all