Glenveagh Properties PLC Trading Update07 Jun 2019
Glenveagh Properties PLC (“Glenveagh” or the “Group”) a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange is holding its AGM today at 10 a.m. at the Intercontinental Hotel, Ballsbridge, Dublin 4. This statement comments on the Group’s year-to-date trading and outlook for 2019.
- The Group’s year-to-date performance is in line with the Board’s expectations and consistent with its strategy.
- All units associated with the Group’s 2019 delivery target of 725 are now sold, signed or reserved with the exception of the 90 unit Herbert Hill apartment scheme where a preferred bulk sale process is expected to complete in H2 2019.
- Two further development land purchases for €24m announced today capable of delivering 375 units.
Justin Bickle, Co-Founder & Chief Executive Commented:
“Glenveagh continued to perform well during the period and has delivered strong progress towards its 2019 targets. Our objective was to secure signings and reservations in the first half of the year with the majority of closings occurring in the second half. The strong reservation rate year-to-date demonstrates we are delivering product where it is most needed and has been welcomed by private buyers and institutional investors.”
Land: Acquisitions and Market Conditions
The Group has strategically added to its development land portfolio in the period via two further attractive off-market acquisitions in Howth, Co. Dublin and Bray, Co. Wicklow for a combined consideration of c.€24m. These sites are capable of delivering 200 and 175 units respectively.
Glenveagh is now actively building houses and apartments on 16 sites following site openings in the current year at Maryborough Ridge, Leixlip and Ledwill Park. Further site openings are scheduled for H2 2019.
Reservations and Sales
Reservation numbers are benefitting from the Group’s strategy of increasing the number of open sales outlets to optimise the quantity of sold units from each site and reduce individual site dependency.
The Group has seen strong private buyer interest and sales for its starter-home schemes in the spring selling season. Open sales outlets now total 12 with strong absorption rates at existing schemes, while new launches are also performing well with robust private buyer demand experienced at each of Semple Woods, Blackrock Villas and Ledwill Park.
The Board is confident that full year results will be in line with its expectations.
Note to Editors
Glenveagh Properties PLC is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange. With a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway, the Group comprises two complementary divisions, Glenveagh Homes and Glenveagh Living.
Glenveagh Homes delivers high quality starter homes to its private and institutional customers with selective developments of mid-size and executive houses and apartments in areas of high demand.
The PRS business of Glenveagh Living delivers large-scale private rental product for institutional investors while its Partnerships business focusses on mixed-tenure and joint venture opportunities with the public sector in Ireland.