House builder Cairn Homes has reported a significant rise in its revenues during 2017 as it sold four times more housing units than in 2016.
In a trading update for the year to the end of December, the firm said it had taken in revenues of €149m from the sale of 418 homes last year. This compares to revenues of €40.9m in 2016 and 105 home sales.
The company noted that its average selling price last year was €314,000, up from €295,000 in 2016.
Cairn also said it had a net €134.3m worth of sales in the pipeline for the first half of 2018.
"Our practice of acquiring and building on larger scale developments, on average in excess of 400 units, allowed us to respond quickly to increased demand during 2017," commented Cairn Homes' chief executive Michael Stanley.
"Given the quality and historical cost of our land bank, our dual focus on competitively priced houses and premium apartments and our increasing operational capability, we continue to look forward with confidence," the CEO added.
During the year, Cairn completed sales across seven developments in the Greater Dublin Area - Parkside on the Malahide Road, Churchfields in Ashbourne, Shackleton Park in Lucan, Glenheron in Greystones, Albany in Killiney and Marianella in Rathgar.
Cairn is building on three further sites and sales competitions from its project at Elsmore in Naas are expected from the middle of 2018, while the Dublin city centre apartment development at Hanover Quay has a planned launch for this summer.
The company has also recently started work on a new apartment development at Greenfield Park in Donnybrook.
In its trading statement, Cairn Homes said that market conditions remain positive with continued strong demand for new starter homes, mover new homes and premium apartments.
"The company believes that the supply of new residential homes in the Irish market will continue to significantly undershoot demand in 2018 and 2019," it stated.
"This, allied with strong demographics, strengthening mortgage market fundamentals and a growing economy are all supportive of Cairn's business model," the company added.
