29th Jan 2020 17:32
(Alliance News) - Irish homebuilder Glenveagh Properties PLC on Wednesday upped its medium-term output targets as it predicted a favourable market environment with significant housing demand, particularly for starter homes.
"The extent of the institutional demand for high quality residential product is such that the group now expects to forward fund a series of Urban apartment developments," Glenveagh said in its Investor Day statement.
Glenveagh increased its medium-term output targets for 2022, 2023 and 2024 to 2,350, 3,050 and 3,000 units, respectively.
Stephen Garvey, the company's chief executive, said: "We have now completed our net investment in land and, with the inherent opportunities in our business and underlying strengths of our organisation, I'm confident in our ability to deliver the significant ramp-up in volumes alongside maximising sustainable returns to our shareholders."
Glenveagh Properties shares closed at EUR0.90, up 2.0%, in London on Wednesday.
By Tapan Panchal; [email protected]
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