House building company Glenveagh Properties has reported revenue of €1.3m for the six months to the end of June and said its landbank now stands at 11,370 units.

Glenveagh Properties said that it has now spent €479m on land assets since its IPO last October.

Construction has now started on 12 sites for homes with about 800 units expected to be under construction this year.

The company also reported "strong" sales activity with 279 units sold, signed or reserved from January up to the end of August and said it has about €200m of cash available for further land purchases.

Glenveagh said its operating loss for the six months came to €7.8m.

Looking ahead, Glenveagh said that the market backdrop remains very favourable with significant demand for housing, especially starter homes, clearly evident across its selling sites.

The supply side remains fragmented and sub-scale, with other market participants having limited access to equity or appropriately priced debt, it added.

"The past 12 months have been very productive as we completed our IPO and then set out on our mission to create a volume homebuilder for the Irish market," commented the company's chief executive Justin Bickle. 

"We have carefully assembled a multi-year land bank for building, got off to a strong start in opening our sites and constructing houses and apartments, and grown our operations consistent with our business plan and longer-term financial targets," he said. 

"As a result of our recent capital raising we now have a stronger balance sheet to complement a market leading construction offering and are focussed on those segments in Irish residential: starter homes, PRS and mixed-tenure, which we believe will result in long term sustainable returns for our shareholders," he added.