Romanian developer One United Properties recorded a turnover of €89.3 million in Q1 2023, up 27% compared to the same period of last year, while the net profit more than doubled to €30.8 million in the first quarter over higher residential sales and growing rental income.
The company saw a 68% increase in revenues from residential property sales, which reached €66.9 million year-on-year in Q1.
In the first three months, One United Properties sold and pre-sold 220 apartments of 18,490 sqm, 488 parking spaces and other unit types for a total of €90.5 million. Revenue from contracted sales will reach €260 million by 2025.
“With a current portfolio of 1,357 units available for sale and presale, 3,372 units planned for sale later this year, and a robust landbank spanning 105,971 sqm, we are well-positioned to take advantage of market opportunities and continue delivering strong results,” said Andrei Diaconescu, Co-CEO of One United Properties.
The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, registered a 267% increase, reaching €6.4 million in Q1 2023.
The developer’s land bank can accommodate over 2,800 apartments and almost 60,000 sqm of office spaces in Phase 3 and 4 of One Cotroceni Park. Additionally, the company has approximately 40,000 sqm of buildings for restoration and further development.
Shares of One United Properties were up 1.19% to 0.85 lei on Friday noon trading on the Bucharest Stock Exchange (BVB).
