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| Backlog lots | Refers to allotments that are yet to be developed, but which have development agreements in place.
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| Built Form | Built Form is the process of construction and delivery of buildings, houses or other structures. It is used to distinguish this form of development activity from Horizontal or Land Development – the process of planning, subdividing and putting in place in-ground or surface level infrastructure such as sewer systems, water systems and roads.
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| DMF | Deferred Management Fees - term used to refer to an annuity type of income payable to the operator of retirement villages.
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| DMF securitised | Deferred Management Fees Securitised - term used to refer to the operator on selling of a portfolio to an investment fund to secure the value of a ‘Deferred Management Fees’ portfolio.
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| ESD initiatives | Environmentally Sustainable Development initiatives - sometimes referred to as Ecologically Sustainable Development.
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| Gross sales value | A financial term used to refer to the contract value before any rebates. Also known as the retail price.
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| ILU | Independent Living Unit - term referring to a unit within a managed retirement complex where residents live autonomously or without care.
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| Land Management Agreement | A form of joint venture structure or agreement where the developer manages the land, and partners are paid a portion on the return or revenue.
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| MOU | Memorandum of Understanding - a short agreement between two parties that specifies how they intend to interact without entering into a formal contract. MOUs may or may not be legally binding, as specified by the MOU. They are usually exclusive.
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| MPC / MPUC | Master Planned (Urban) Communities - a term used to refer to developments of greater than 2,000 dwellings.
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| New work secured | A new project secured for future development.
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| Pre sales (land) | Refers to sales achieved prior to the commencement of construction. Also used sometimes in the context of ‘pre-commitment’, e.g. we seek to reach pre-commitment (pre-sales) levels of 50% before commencing construction.
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| SCUD | Small scale urban developments - a term used to refer to developments of less than 2,000 dwellings.
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| Serviced apartment | A unit in a retirement village that provides assisted living (e.g. meals, laundry) but does not provide medical care.
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| Turnkey packaging | A sales price for a new home (unit, townhouse, apartment or detached home) with all inclusions such as driveway, fencing, garden, internal floor coverings etc. At the time of settlement, the purchaser can literally ‘turn the key” of the front door and move in. Most builders advertise prices which exclude certain items, and therefore are at additional cost.
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| Unzoned | Land awaiting planning approval for development, and is therefore unzoned for intended land use.
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| Zoned | Land that has received planning approval from the relevant authority.
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