Romanian developer One United Properties says its consolidated turnover rose by 4% year-on-year to €235.4 million in 2022, while its gross profit fell 5% to €116.2 million over higher investment activity.
Revenue from residential sales reached €156 million during 2022 and the net income from residential property was up 29% to €64.7 million.
In 2022, One United Properties sold and pre-sold 599 apartments with a total surface of 52,724 sqm, 978 parking spaces and other unit types, as well as early-stage apartments for €169.2 million euros. At the end of 2022, 62% of apartments under development were sold out.
“As of January 1st, 2023, 2,285 units at our delivered and under construction developments were already sold, meaning that our sales team had a portfolio of 1,143 residential units available for sale. Moreover, we estimate pre-sales for an additional 1,167 units located at the first phases of One Lake District and One Lake Club to start within the first half of 2023, thus securing a steady cash flow for our company. On top of this, we continuously keep looking for opportunities in the market, which will allow us to build a solid pipeline for the years to come, opportunities such as One Cotroceni Towers, our latest announcement, or One Downtown and One Plaza Athénée, both developments which will strengthen our urban regeneration strategy in the historic center of Bucharest,” said Victor Căpitanu, co-CEO at One United Properties.
On the residential side, the developer has secured building permits for 3,733 apartments that will be completed over the next 3-4 years.
Meanwhile, the rental income from the office and retail division registered a 9-fold increase to €12.2 million in 2022. Its office stock totals 138,000 sqm, while the rest is covered by retail areas.
At the start of this year, One United Properties had a land bank of 105,971 sqm that can accommodate 2,800 apartments and almost 60,000 sqm of offices. The company has another 40,000 sqm of buildings for restoration and further development.
Last year, One United Properties recorded earnings per share of 0.14 lei that translates into a yield of 15%.
