One United Properties, record business of 627.7 million lei in the first nine months of the year. The company sold 569 apartments in nine months

one cotroceni park

One United Properties reported a record turnover of 627.7 million lei in the first nine months of 2021, an 87% increase compared to the same period of 2020. After closing Q3 2021, the best quarter in the company’s history, nine-month gross profit increased to 239.3 million lei, up 186% compared to the first nine months of 2020.

“We ended Q3 2021 with record residential property sales and an exceptional cash position of over 604 million lei. Net margin from residential property sales reached 38% in Q3 2021, a significant increase from 32% as recorded in the first half of the year, while the loan to value ratio decreased by 7 percentage points to 23% as at 30 September 2021. Our office division continues to grow strongly, managing to reach a rental threshold of 84% for One Tower and 75% for the first phase of One Cotroceni Park, which will be delivered next month. One United Properties has thrived this year, and the momentum we received from the IPO sets the stage for a solid final quarter and continued robust performance for years to come,” said Victor Căpitanu, co-founder of One United Properties.

Revenues from the residential segment reached 521.9 million lei in the first nine months of 2021, up 57% compared to the same period last year. In the first three quarters of 2021, One United Properties sold and pre-sold 569 apartments with a total area of 50,873 sqm, 721 parking spaces and 42 commercial spaces and other units for a total amount of 153 million euros. By comparison, in the same period of 2020, the Group sold 125 apartments with a total area of 20,677 sqm, 147 parking spaces and 4 commercial spaces and other units for a total of 59.8 million euros.

Apartment sales grew at an accelerated pace in Q3 2021, above expectations, mainly due to the start of sales for One Cotroceni Park, One United Properties’ largest development to date. In Q3 2021 alone, One United Properties pre-sold 385 of the total 868 residential units available in One Cotroceni Park. The development has an estimated completion date of Q4 2023. Apart from One Cotroceni Park, the Group has seen a significant increase in sales at One Verdi Park, a development with 334 residential units, which has an estimated delivery date of Q3 2022.

“The results we are presenting to our shareholders today are a validation of One United Properties’ leading position in the market for premium residential and mixed-use developments. Bucharest continues to show tremendous development potential. The successful start of sales for One Cotroceni Park demonstrates the tremendous opportunity One United Properties has to expand its premium brand into larger scale developments dedicated to middle and upper-middle income clients. We will continue to invest in similar developments such as One Lake District and One High District, where we plan to start construction in 2022,” said Andrei Diaconescu, co-founder of One United Properties.

In the first nine months of 2021, One United Properties’ EBITDA indicator increased by 170%, from 91.7 to 247.8 million lei, while net profit increased by 198% to 191.2 million lei. The company tracks gross profit as a relevant indicator as a significant part of corporate income tax represents deferred corporate income tax, mainly generated by gains from the valuation of properties, which will only become taxable when they are sold. Income tax for the first nine months of this year amounted to RON 48.1 million, of which RON 12.5 million is actual expenditure and the remaining RON 35.6 million is deferred tax.

As at 30 September 2021, One United Properties had in its portfolio land for further residential development, in the process of obtaining building permits, with a total area of over 150,000 sqm and on which the Group expects to develop over 4,000 apartments. In addition, One United Properties has other major opportunities for the company’s future land portfolio, which are currently in various stages of negotiation.

Sursa foto: One United Properties

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