by Property Forum | Investment

Romanian developer One United Properties recorded a turnover of 434 million lei (€88.1 million) and a net profit of 147.5 million lei (€29.9 million) in the first semester over improved revenue from the development and sale of residential properties. 

The company said it sold 261 apartments with a total surface of 26,309 sqm, compared to 85 residential units covering 12,872 sqm in the same period of last year. Total sales of apartments, parking spaces and other spaces totaled €96 million in the first semester versus €29.3 million in H1 2020. Its total cash reserves exceed 600 million (€122.2 million), including proceeds from the Initial Public Offering completed in early July. 

“From acquisition of land for One Lake Club and for One High District, starting construction of the residential phase of One Cotroceni Park, to completion of One Floreasca City and Neo Mamaia, the first half of 2021 marked multiple milestones for One United Properties,” said Andrei Diaconescu, Co-founder of One United Properties. 

The developer’s land portfolio reached 138,000 sqm, which would support the construction of more than 3,200 apartments.  

Shares in One United Properties were down 0.31% to 1.95 lei on Monday morning trading on the Bucharest Stock Exchange.