I think with the benefit of hindsight, (with the real estate market going gangbusters all around the country), having such a massive landbank will prove to be a great legacy Julian's foresight has left the company with. I remember him telling me after one meeting that he could buy six decent blocks of land in the regions for the price of one in Auckland.
If they can get their sales cranking, (and you would think they could in this market), and keep development margins at least in the mid 20% range the company has a bright future...but I think that's already baked into the share price, then again with this real estate market set to continue going ballistic for years, who knows ?