Homebuilder Glenveagh Properties said today it is on track to deliver 1,150 sales in 2021 with all its new homes now sold, signed or reserved.
In a trading update issued ahead of its AGM today, Glenveagh Properties said its plan to build 3,000 homes a year by 2024 is on track.
After several months of restrictions on construction activity which began in early January, full operations resumed on the group’s existing construction sites from April 12.
The business has also started construction on three new suburban sites which will deliver new homes from 2022.
Glenveagh said that as a result of the “catch-up” in activity levels after the full re-opening of residential construction and global commodity price increases, it is seeing inflation of about 5% on current tenders.
It said this will largely impact on deliveries from 2022.
Earlier this week, Fingal County Council voted in favour of proceeding with the proposed development of 1,200 new homes at Ballymastone, near Donabate in North County Dublin and Glenveagh was selected as the preferred bidder following a competitive public tender process.
“We will now move forward with the formal planning application and would hope to be ready to begin development in 2022,” the company said.
The group said it added to its development land portfolio via eight new sites, two of which are adjacent to existing sites owned by the group, for €48m. The new sites can deliver over 1,900 units.
Inclusive of recent site acquisitions and its first partnership scheme – with Final County Council – it said its landbank is now approximately 17,000.
Chief executive Stephen Garvey said that despite the unprecedented challenges posed by Covid-19, the business will deliver our target of 1,150 homes this year, with all now sold, signed or reserved.
“Our path to building 3,000 homes per year by 2024 is clear and we remain focused on delivering quality, sustainable homes that represent value for money for our customers,” he added.
John Mulcahy, Glenveagh’s executive chairman, has told the board of his intention to transition to a non-executive Chairman role, from January 2022.
Mr Mulcahy said he believes the company is at the appropriate stage of its evolution for his role to transition to a non-executive capacity.
He also said he will work closely with the other executive directors for the rest of the year to ensure a smooth transition of all executive duties.