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Neinor Homes has 60 active developments at the end of the first trimester

Neinor Homes accelerated its development activity in the first trimester of 2017 with the start of construction in three such developments, and the launching of another seven.

At the end of this period, there are more than 60 active projects, representing almost 4,000 homes, according to information from the company in  the  CNMV. The reported margin for the works in progress is at 22%, above the company objective. 

Juan Velayos, Managing Director of Neinor Homes, remarked, “The company has performed magnificently in the first trimester, well on the way to achieving  its objectives for the year. Pre-sales have been exceptionally high in a term traditionally slow. Land acquisition continues with margins above those planned, and the developmental activity of the company is accelerating, based on the protection of that margin. One development has been successfully completed, and the strands of complementary business continue to generate capital to finance the growth of the development activity.”

Neinor Homes also draws attention to its trimestrial results with the acquisition of seven plots of land with building permission for a sum of 51.6 million euros to build about 700 homes. All these acquisitions have a planned margin of 20, according to the company. 

The developer also has declared pre-sales amounting to 116  million euros, for 319 homes in the first trimester. Accumulated yearly pre-sales “are 60% beyond expectations, and 46% in house numbers. The company experienced price increases of 4.5% during the trimester, and the total number of pre-sales came to  48 3 million euros and 1,511 homes,” the report points out. 

Moreover, the company states that, “Lines of complementary business continue to generate cash flow to finance promotion activity: legacy sales come to  57 million euros, 1% above book value and 41% above expectations accumulated over the year. Servicing generated income of  6.5 million euros,  4% more than yearly expectations.”