One United Properties residential sales and pre-sales reach 123.3 million euros in the first half of 2024

One United Properties reports residential sales and pre-sales of 123.3 million euros in the first half of 2024. In H1 2024, the Group sold and pre-sold 452 apartments and commercial units with a total surface of 43,809 sqm, 624 parking spaces, and other unit types.

“Since our IPO three years ago, One United Properties has consistently delivered strong results quarter after quarter. The first half of 2024 continues this trend, marking another period of solid growth for both our residential and office divisions. To meet the increasing demand for our high-quality homes, we began pre-sales for the second phase of our landmark development, One Lake District, where our sales team sold 165 units within just one month. What stands out in the first half of 2024 is the consistent sales across all our targeted sub-segments – premium, high-end, and luxury – spanning both completed developments and those still under construction. In a market where supply has been declining year-on-year, our ability to meet broad market demand with the highest-quality products has set us apart, enabling us to continue our rapid growth and maintain our leading position”, said Victor Capitanu, co-CEO of One United Properties.

At the end of May 2024, pre-sales started at the second phase of One Lake District, where 867 units are being built. Consequently, as of June 30th, 2024, 66 percent of the available units under development and delivered were sold out. Amounts to be received under contracts concluded with customers as of June 30th, 2024, will total 331 million euros in additional cash by 2026. An additional 79 million euros were collected in H1 2024 alone.

The commercial division of One United Properties continued to expand, with the headline rent for the rental portfolio reaching 14 million euros in H1 2024, a 21 percent increase compared to H1 2023. The leasing activity continued to be robust, as in H1 2024, One United Properties office division leased and pre-leased 8,100 sqm of office and retail spaces at Phase 1 and 2 of One Cotroceni Park. As of June 30^th, 95 percent of the Group’s standing commercial portfolio was already leased. Moreover, the Company signed multiple lease extensions for a total area of 6,770 sqm.

“As of the end of June, One United Properties had 4,041 units under construction, with a total gross development value of 1.3 billion euros. Our impact on the city of Bucharest and the broader economy is truly unparalleled. This impact extends beyond job creation and tax contributions – it also includes enhancing the standard of living for thousands of residents and providing top-quality office spaces for tens of thousands of professionals. As we expand our commercial division, particularly with the progressing construction at One Gallery and One Athenee, as well as the newly inaugurated construction sites at Mondrian Hotel and One Technology District, we are not only elevating the lifestyle in Bucharest but also positioning the city as a premier urban destination in Europe, firmly placing it on the global travel map”, said Andrei Diaconescu, co-CEO of One United Properties.

As of June 30th, 2024, One United Properties had in ownership, or under pre-SPA, 285,100 sqm of land locations for further development, with total above-ground gross building rights (GBA) of approximately 988,000 sqm. All these land plots are currently in the planning phase. The Group estimates the construction of 7,000 apartments, services for communities, and 146,000 sqm of rental commercial buildings. Out of the commercial buildings, 121,000 sqm will host offices and the remaining 25,000 sqm will be located within buildings that will undergo restoration.