Property developer Cedar Woods says it’s on track to post a record full year profit and that its outlook remains positive.

Managing director Paul Sadleir on Monday reiterated the company’s net profit guidance of about $34 million, up 21 per cent on the previous year.

The group would continue to deliver on its earnings growth target of 10 per cent per annum, he said.

“Management is optimistic about the company’s outlook with approximately $70 million in pre-sales secured for next financial year,” Mr Sadleir said in statement.

Cedar experienced an uptick in buyer sentiment during the quarter, with total sales up on the previous quarter, he said.

The underlying fundamentals supporting the Australian residential property market remained positive including a shortage of new housing, low vacancy rates and improved affordability, Mr Sadleir said.

He said major new projects to be launched soon included Piara Waters and South Hedland in Western Australia, which would further contribute to company earnings.

Cedar Woods raised $25 million via a share placement to new and existing institutional investors and plans to raise a further $5 million via a share purchase plan to existing retail shareholders.

“The capital raising further strengthens Cedar Woods’ balance sheet and increases the company’s financial capacity to fund the development of our portfolio, including new projects,” Mr Sadleir said.

Cedar will pay a fully franked interim dividend of 11 cents per share.