Home builder Glenveagh Properties said today it continues to see strong market demand, improved planning momentum and increased Government impetus around demand and supply side initiatives for the housing market.
In a trading update ahead of its AGM today, Glenveagh said a total of 1,150 suburban units are now either sold, signed or reserved for 2023.
The company said its Urban business segment continues to focus on building out its already contracted portfolio of about 700 apartments and also 250,000 square foot of commercial space in both the hotel and office markets.
It also said it is in talks with State agencies on a number of its urban developments for prospective delivery from next year and beyond.
Glenveagh also reported good progress in its Partnerships segment with final approval expected for Oscar Traynor Road by the third quarter of the year.
The company said it is currently active on 21 suburban and urban construction sites, with four new sites opened so far this year.
Additional new sites and multiple new phases on existing sites are expected to open over the remainder of this year. it added.
It also said that over €50m has been returned to shareholders to date in the company's current share buyback programme, initiated in January.
Stephen Garvey, Glenveagh's chief executive, said the company's performance so far this year supports its confidence around delivering its short and medium term goals, with its Return on Equity target of 15% in 2024 continuing to be its key capital metric.
He said that Glenveagh's programme of site openings is progressing very well with more to come in the second half of the year.
"The teams and capabilities are in place to deliver large-scale suburban and urban projects efficiently, and the standardisation of process and product across the business will be supported by our three offsite manufacturing facilities in Wicklow, Carlow and Louth," Mr Garvey said.
He also noted that the planning environment is improving, in particular the LRD planning process.
The Government's recent consultation paper on Sustainable and Compact Settlements is also encouraging and now requires rapid and effective implementation, he said.
"But there remains plenty to do to ensure the country can accelerate housing supply in coming years. Providing ample resourcing to planning bodies, local authorities and utility companies in the near term is critical for the sustainable delivery of increased housing supply," he said.
"The industry also needs a national planning framework that accurately reflects present and future population requirements, supporting viability and designed for appropriately located homes that people want and need," he added.
Shares in Glenveagh Properties moved higher in Dublin trade today.
