BUCHAREST, Romania, Feb. 6, 2025 -- One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use, and office properties, reports total sales and pre-sales of EUR 227.8 million in 2024, corresponding to the surface of 83,958 sqm of residential and commercial spaces sold and pre-sold. This includes 850 apartments and commercial units, as well as 1,270 parking spaces and other unit types. As for the development, as of December 31st, 2024, One United Properties had under construction a total of 4,041 units, 22,000 sqm of office spaces and 21,000 sqm of commercial spaces with a total Gross Development Value (GDV) of EUR 1.5 billion.
"Our sales team delivered an outstanding performance in 2024, navigating a complex market shaped by high inflation, geopolitical uncertainty, and a complicated local political landscape. The sales mix reflected strong demand for high-value units across developments in advanced stages of construction, reinforcing the resilience of our portfolio. At the same time, the exceptional success of One Lake District Phase 2, currently the most affordable developments in our offering, showcased our ability to cater to diverse buyer needs while maintaining a dynamic pricing strategy. As sales progress, prices at this development naturally increase, further consolidating our results. The combination of robust pre-sales and sustained demand across all segments underscores the strength of One United Properties in any market conditions," said Victor Capitanu, Co-CEO of One United Properties.
The average sales price per square meters in 2024 remained stable compared to 2023, reflecting the integration of units from One Lake District Phase 2 into the sales portfolio as of May 2024. One Lake District Phase 2 was the only new development added to sales portfolio in 2024, with the Company focusing sales across developments in advanced stages of construction. Consequently, as of December 31st, 2024, 72% of the available units under development and delivered were sold out. Amounts to be received under contracts concluded with customers as of December 31st, 2024, amount to EUR 342.9 million in additional cash payments until 2027. EUR 173.8 million in cash were collected from clients in 2024 alone.
The commercial division of One United Properties continued to expand, with the headline rent for the rental portfolio reaching EUR 28.2 million, an increase of 20% compared to 2023. The leasing activity remained robust despite challenging conditions on the office market in Romania. Consequently, One United Properties' office division leased and pre-leased 12,850 sqm of office and retail spaces across the commercial portfolio. In addition, the Company signed several lease extensions for a total of 7,120 sqm across its standing portfolio. As of December 31st, 2024, 94% of the Group's standing commercial portfolio was already let.
"2024 was a testament to the resilience of One United Properties. Despite challenges across both the residential and office segments, we delivered extraordinary results; undoubtedly the best on the Romanian market. The 228 million euros in residential sales and pre-sales, along with 20,000 sqm of leases, pre-leases, and extensions in our office portfolio, confirms that especially in times of uncertainty, people will seek quality. Our focus on building the most renown prestigious, exclusive and aspirational brand in Romania has once again proven to be the winning formula. Beyond strong sales and leasing performance, we reinforced our commitment to investing in Bucharest, with our development teams managing 1.5 billion euros in projects under construction in 2024 - the biggest year in our history. This underscores that One United Properties is not only the leading developer in Bucharest but also one of the city's largest investors," said Andrei Diaconescu, Co-CEO of One United Properties.
As of December 31st, 2024, One United Properties had in ownership or under pre-SPA 285,100 sqm of land locations for further development, with total above-ground gross building rights (GBA) of approximately 988,000 sqm. All these land plots are currently in the planning phase, with estimated GDV of additional EUR 1.8 billion. The Company estimates the construction of 7,000 apartments, services for communities, and 146,000 sqm of rental commercial buildings. Out of the commercial buildings, 121,000 sqm will host offices and the remaining 25,000 sqm represent buildings that will undergo restoration.
ONE UNITED PROPERTIES (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The Company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
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