AEDAS Homes strengthens its outlook on 2019 deliveries with construction works completion at 80% on average
- In the first three months of 2019, the company broke ground on 520 new units
- The home builder closed out March with construction permits in hand for 35% of its 2021 deliveries, or 846 of the 2,438 units scheduled for that year
- David Martinez, CEO of AEDAS Homes: “Our first quarter operational results confirm the strength of our Business Plan”
April 2019 – AEDAS Homes, a leading residential developer in Spain’s new real estate cycle, has reported its first quarter operating figures in the monthly Newsletter sent to the investor community.
The company shared the progress being made on construction works on the 1,055 units it plans to deliver this year, which are, on average, 80% complete across the home builder’s developments. David Martinez, CEO of AEDAS Homes, stressed that this figure is “clear confirmation of the company’s operating capacity”. He then pointed out that “the fact that construction works are so far along shows the level of effort and hands-on management approach that our team of professionals takes, so that we will reach – as we have so far – all of our targets for scheduled deliveries.”
The significant progress on construction works for 2019 is precisely what has allowed the completion of 6 developments (Galera Sun, in Estepona, Costa del Sol; Hacienda del Mar II and Brisas, in Alicante; Nou Eixample Mar, in Vilanova i la Geltrú, Barcelona; and the first phases of Jardines Hacienda Rosario, in Seville; and Villas del Arco Norte, in Dos Hermanas, Seville), for a total of 603 units. Overall, the developer closed out the first quarter with 3,407 units under construction, having broken ground on 520 new units in the first three months of 2019.
Visibility on its business
Moreover, the developer continues to offer a high level of visibility on its business targets, having already sold 83% of the 1,055 deliveries slated for 2019. Looking ahead to 2020, 100% of the 1,986 units scheduled for delivery are now under construction, and 55.3% have been sold. In just the first three months of 2019, the company closed 300 sales.
Added to all this is the fact that the company now has in hand construction permits for 35% of the homes it expects to deliver in 2021, that is, as of 31 March it had already secured planning permission for 846 of the 2,438 homes to be delivered throughout 2021.
“Our first quarter operational results once again confirm the strength of our Business Plan and guarantee that we are on the right track towards the run-rate targets we committed to: 3,000 units launched onto the market each year, from 2020 onwards, and 3,000 units delivered annually, starting in 2022”, David Martinez, CEO of AEDAS Homes, explained.
About AEDAS Homes
The developer AEDAS Homes became a listed company in Madrid on October 20, 2017, with a market capitalization of over €1.5 billion and is a leader in the nation’s residential development industry. The company plays a key role in the new cycle of the Spanish real estate sector, which must be marked by professionalism and adherence to rigorous standards.
AEDAS Homes has the highest-quality land bank in Spain, according to analysts, since most of this land is classified as ready-to-build. The company has a portfolio with more than 1.8 million square meters to build over 15,000 homes in the nation’s key real estate markets and economic centres, and their surrounding areas: the Centre, Catalonia, the East & Balearic Islands, Andalucía and Costa del Sol.