One United Properties nine-month residential sales and pre-sales reach EUR 190.6 million
BUCHAREST, Romania, Oct. 21, 2024 /PRNewswire/ -- One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office properties, reports residential sales and pre-sales of EUR 190.6 million in the first nine months of 2024. In 9M 2024, the Group sold and pre-sold 713 apartments and commercial units with a total area of 71,886 sqm, as well as 1,071 parking spaces and other unit types.
"We conclude our strongest quarter to date in 2024 with an exceptional performance from our sales teams, achieving 67.3 million euros in pre-sales and sales. The consistent sales and pre-sales performance in the first nine months of this year, together with a stable average selling price per square meter compared to 2023, highlights our ability to maintain strong results and the resilience of our business, year-on-year. Despite the complexities of the market, One United Properties remains the preferred choice for customers looking to upgrade their living standards. Our commitment to quality, transparency and delivering on our promises has cemented our position as a trusted developer in a market where supply is increasingly constrained. In an environment where trust is paramount, we have consistently demonstrated reliability to our customers, which remains one of our key differentiators in the market," said Victor Capitanu, Co-CEO of One United Properties.
The average sales price per square meters in 9M 2024 remained stable compared to 9M 2023, reflecting the integration of units from One Lake District Phase 2 into the sales portfolio. As of September 30th, 2024, 70% of the available units under development and delivered were sold out. Amounts to be received under contracts concluded with customers as of September 30th, 2024, amount to EUR 353 million in additional cash payments until 2026. EUR 121 million were received in the first nine months of 2024.
The commercial division of One United Properties continued to expand, with the headline rent for the rental portfolio reaching EUR 20.9 million, an increase of 22% compared to 9M 2023.The leasing activity remained robust, as in the first three quarters of 2024, One United Properties' office division leased and pre-leased 12,100 sqm of office and retail space in Phases 1 and 2 of One Cotroceni Park as well as in One Gallery. In addition, the Company signed several lease extensions for a total of 6,770 sqm. As of September 30th, 2024, 95% of the Group's standing commercial portfolio was already let.
"The momentum of our development projects remains strong as we continue to expand our presence in Bucharest. Construction of One Technology District and the Mondrian Hotel started in Q3 2024, following the granting of building permits in August this year. As a result, at the end of September, we had a total of 4,041 residential units and 43,000 sqm of modern office and commercial space under construction, with a gross development value of over 1.5 billion euros. More importantly, we have continued to make steady progress at all our sites during the quarter, keeping each development on track. This will be reflected in the revenues generated during the period. These achievements reflect our focus on quality and timely execution, ensuring that we continue to meet the needs of the market and strengthen our leadership in the Romanian real estate sector," said Andrei Diaconescu, Co-CEO of One United Properties.
As of September 30th, 2024, One United Properties owned or had under pre-SPA 285,100 sqm of land sites for further development, with a total above ground Gross Building Rights (GBA) of approximately 988,000 sqm. All of these sites are currently in the planning stage, with an estimated GDV of EUR 1.8 billion. The Group estimates the construction of 7,000 apartments, community services and 146,000 sqm of leasable commercial buildings. Of the commercial buildings, 121,000 sqm will host offices and the remaining 25,000 sqm are located within buildings that will undergo restoration.
ONE UNITED PROPERTIES (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The Company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
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