One United Properties (BVB: ONE), Romania’s premier green developer of residential, mixed-use, and office properties, has announced impressive residential sales and pre-sales figures of EUR 190.6 million for the first nine months of 2024. During this period, the company successfully sold and pre-sold 713 residential and commercial units, covering a total area of 71,886 square metres, alongside 1,071 parking spaces and various other property types.
Record-Breaking Quarter Achieved
“Concluding the third quarter of 2024, we are proud to report our best results to date, propelled by our dedicated sales teams who generated EUR 67.3 million in sales and pre-sales. The sustained performance during the first three quarters, combined with steady average selling prices per square metre compared to last year, underscores our capacity to deliver strong results even in challenging market conditions,” stated Victor Capitanu, Co-CEO of One United Properties. “In a fluctuating market, One United Properties remains the first choice for customers looking to enhance their living environments. Our unwavering commitment to quality, integrity, and meeting our commitments has positioned us as a trustworthy developer, especially in a market where supply is tightening.”
Stable Pricing Reflects Continued Demand
By September 30, 2024, the average sales price per square metre held steady compared to the same period in 2023, driven by the integration of units from One Lake District Phase 2 into the sales portfolio. Impressively, 70% of the available units under construction and those already completed have been sold. The projected amounts to be received from contracts signed by this date total EUR 353 million in expected cash flows by 2026, with EUR 121 million already received in the first nine months of 2024.
Growth in Commercial Sector
One United Properties’ commercial division has experienced notable expansion, with rental income reaching EUR 20.9 million, marking a 22% increase compared to the first three quarters of 2023. The leasing activity has been robust; in the first nine months of 2024, the company leased and pre-leased 12,100 square metres of office and retail space in One Cotroceni Park’s Phases 1 and 2 and One Gallery. Furthermore, several lease extensions were secured for a total of 6,770 square metres, resulting in 95% occupancy of the Group’s existing commercial portfolio by the end of September 2024.
Ongoing Development Projects
“Our development momentum is impressive as we expand our footprint in Bucharest. Construction on One Technology District and the Mondrian Hotel began in Q3 2024, following the approval of building permits in August. By the end of September, we had 4,041 residential units and 43,000 square metres of modern office and commercial space under construction, with a total gross development value surpassing EUR 1.5 billion,” commented Andrei Diaconescu, Co-CEO of One United Properties. We are steadily advancing at all our locations, guaranteeing that each project remains on schedule, which is expected to enhance future revenue streams. These accomplishments reflect our dedication to quality and timely project execution, enabling us to meet market needs and reinforce our leadership in the Romanian real estate market.”
Future Development Prospects
As of September 30, 2024, One United Properties either owns or has pre-purchase agreements for 285,100 square metres of land earmarked for future development, equating to an above-ground Gross Building Area (GBA) of around 988,000 square metres. These locations are presently in the planning phase, with an anticipated gross development value of EUR 1.8 billion. The Group anticipates constructing 7,000 residential units, community services, and 146,000 square metres of leasable commercial space, of which 121,000 square metres will be dedicated to office use, while the remaining 25,000 square metres will be allocated for restoration projects.