Recently, One United Properties published its Q1 2024 trading update, which gives us a quick run-down of the Company’s performance indicators. In this overview, we’ll detail the main points.
Starting off, One noted that in Q1 2024, the Company was able to sell and pre-sell 92 apartments, with a total area of 10.6k sqm, and 228 parking spaces, for a total of EUR 57.1m. In the same period last year, One sold 220 apartments, for a total of EUR 63.6m, meaning that even though the apartments sold this year represent a 58% decrease in quantity, it is evident that they were sold at a higher price. However, it should be noted that pre-sales are also included here, which carry lower prices.
This is also evident in the sale price per sqm, which grew by 27% YoY, due to most of the developments progressing to advanced stages of construction and this being reflected in the appreciation in the sales price, further indicating an increase in the sales margin YoY. This is all in line with the Company’s strategy.
In terms of the pre-sales themselves, they amounted to EUR 4.6m in Q1 2024, a decrease from EUR 26.9m YoY. This would mean that pre-sales accounted for only 8% of the total sales in Q1 2024, as compared to 42% in the same period last year, which just shows the impact of the pre-sales on overall sales, as described above.
Key residential developments status as of 31 March 2024*
| wdt_ID | Development | Status | Delivery of 1st phase | Units sold in Q1 2024 | Total units sold from project start | Total units developed |
|---|---|---|---|---|---|---|
| 1 | One Lake District 1 | In development | Q2 2025 | 31 | 553 | 786 |
| 2 | One Lake Club | In development | Q4 2025 | 26 | 293 | 723 |
| 3 | One High District | In development | Q4 2025 | 17 | 542 | 812 |
| 4 | One Herastrau Vista | In development | Q4 2024 | 7 | 85 | 117 |
| 5 | One Verdi Park | Finalized | Q1 2023 | 7 | 297 | 325 |
| 6 | Other developments | n.a. | n.a. | 4 | 1835 | 2178 |
Source: One United Properties, InterCapital Research
*According to the Company, One Lake District will develop a total of 1,967 units. However, only 786 units from the first phase of the development are available
As of March 2024, 73% of the available apartments under development and delivered were sold out. Amounts to be received under contracts concluded with customers as of 31 March 2024 amounted to EUR 310m by 2025. Of this, EUR 148m in 2024, and EUR 162m in 2025, with EUR 44m being collected in Q1 2024 alone.
Commercial lease status as of 31 March 2024
| wdt_ID | Development | Status | Delivery / Acquisition | GLA | % Leased / Pre-leased | % Tenants moved |
|---|---|---|---|---|---|---|
| 1 | One Tower | Developed | 2020 | 24039 | 100% | 100% |
| 2 | One Cotroceni Park 1 | Developed | 2022 | 46252 | 88% | 88% |
| 3 | Bucur Obor | Acquired | 2022 | 25582 | 94% | 94% |
| 4 | One Victoriei Park 2 | Acquired | 2022 | 12000 | 100% | 100% |
| 5 | One Cotroceni Park 2 | Developed | 2023 | 34456 | 75% | 60% |
| 6 | One Technology District | In development | 2026 | 22289 | 100% | 0% |
Source: One United Properties, InterCapital Research
For the commercial side of the business, we can see that the assets in this department are mostly leased/pre-leased, at 75% or more. One also notes that the headline rent for the rental portfolio in Q1 was EUR 7m, an increase of 25% YoY. Furthermore, in Q1, One United Properties signed multiple lease extensions for a total area of 4,537 sqm, all within One Tower.
Moving on to the landbank, as of 31 March 2024, One United Properties had in ownership or under pre-SPA 273.5k sqm of land locations for further development, with total above-ground gross building rights (GBA) of over 880.1k sqm. All of these land plots are currently in the planning phase. One estimates the construction of over 6k apartments, services for communities, and 163.5k sqm of rental commercial buildings. Out of the commercial buildings, 117.5k will host offices, and the remaining 46.5k sqm are located within buildings that will undergo restoration. The gross development value of the restoration portfolio currently under development is estimated at EUR 239m.
