Glenveagh Properties set to build over 2,700 homes this year

May 3, 2024

Homebuilder Glenveagh Properties said its forward order book now stand at €963m, up from €805m at the end of February.

In a trading statement issued ahead of the company’s AGM in Dublin today, Glenveagh said it was well positioned to deliver over 2,700 new homes across its three business segments in 2024.

It noted that planning permission has been granted for over 1,000 units so far this year.

Glenveagh said that in its Suburban business – which consists of mainly houses – 1,440 suburban units are now either sold, signed or reserved for the year, up from 1,106 at the end of February.

Its Urban business (which consists of mainly apartments) is expected to deliver about 650 units this year.

And its Partnerships business, which works with state entities and public bodies, remains on track with ongoing construction at its Ballymastone and Oscar Traynor Road developments.

It said that about 2,000 units are set to delivered over seven years, with advanced negotiations on a third partnerships agreement.

Glenveagh’s chief executive Stephen Garvey said the homebuilder had a strong start to 2024, with the business benefiting from favourable market conditions and greater scale.

“We’re continuing to see robust demand for the homes we deliver – high-quality, energy-efficient, and sustainable homes at prices that are affordable for our customers. This leaves us very well positioned to deliver over 2,700 much needed homes across our three business segments this year,” the CEO said.

Stephen Garvey said it is now clear that the Government’s “targeted and effective initiatives” are having the desired effect on industry performance and output.

“The range of demand and supply side incentives, coupled with enhanced compact growth guidelines and encouraging improvements in planning policy and system,supported an increase in annual completions to approximately 33,000 in 2023, up 55% since 2019,” he said.

“The 63% increase in commencements in the first quarter of this year indicates that output levels are very likely to increase further in 2024,” he added.

Article Source: Glenveagh Properties set to build over 2,700 homes this year

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