Cedar Woods (ASX:CWP) announces major site acquisition // The Motley Fool Australia

The Cedar Woods Properties Limited (ASX: CWP) share price closed relatively flat today, up just 0.47% to $6.40 per share. This is despite Cedar Woods announcing earlier today that it has acquired a 21 hectare site in Melbourne’s north.

So what does this mean for the company? And how has the Cedar Woods share price performed recently?

Expanding an existing project

The 21.7 hectare site acquired by Cedar Woods is adjacent to the company’s Mason Quarter project in Wollert. Combined, the new parcel and existing project accommodate a master planned community of approximately 800 lots plus two school sites.

Discussing his opinions about this developing community, Cedar Woods managing director Nathan Blackburne said: “We’ve seized…