Home builder Gleveagh Properties said it was seeing very strong underlying demand for its “high-quality” homes across all selling sites as it reiterated its full year guidance.
In a trading update issued ahead of its AGM in Dublin today, Gleveagh Properties said that progress in its Homebuilding segment is aligning firmly with expectations with 1,100 units are either sold, signed or reserved for 2025.
Glenveagh said its Partnerships segment continues to deliver to plan with construction progressing well at all six sites.
It said it had a closed and forward order book of €1.23 billion across both the Homebuilding and Partnerships segments, up from €1.09 billion in March, which it said provided excellent visibility for the rest of the year.
The company also said it has sustained planning momentum with permission secured for more than 1,355 units so far this year, with over 90% of anticipated unit deliveries for 2026 fully planned.
As indicated at the time of its full year results in March, Glenveagh said the first half of this year is expected to be materially stronger than the first half of 2024, with increased units, revenue and profitability.
Looking ahead, it said it has continued confidence in delivering 1,500 units and achieving Partnerships revenue of about €400m in 2025, as well as completing over €100m in non-core land sales across 2025 and 2026,
Total equivalent home deliveries are expected to reach about 2,600 this year, it added.
Glenveagh’s chief executive Stephen Garvey said the company was pleased with the strong start to the year, which aligns with expectations and underscores both the effectiveness of its strategy and its execution.
He said that amid global macro-economic uncertainties, the fundamentals of the Irish housing market remain strong, supported by underlying demand, a resilient Irish economy and favourable government policies.
He also said the company was not experiencing significant pressure on costs, thanks to its integrated manufacturing capability.
“We welcome the publication of the revised National Planning Framework in recent weeks. It is critical that local authorities are now instructed to identify the quantum of land suitable for residential needs as quickly as possible,” Stephen Garvey said.
“Additionally, urgent investment must be made in large scale infrastructure projects that are required to support increased housing delivery,” he added.
The CEO said that certainty is critical for progress in housing supply.
“The continued allocation of public funding for existing supply measures, and projects that are under construction or can be commenced quickly, is essential to ensuring we maintain and grow home deliveries nationally,” he said.
“This, in turn, supports in attracting the private capital that is also required to increase housing supply,” he said.
“For our part, as a partner of choice to the public sector, we stand ready to support. As evidenced by our growing Partnerships segment, we see significant potential for further collaboration with the government and public sector bodies through the delivery of quality and sustainable housing on public lands in a cost-effective manner that delivers value to the Exchequer,” Mr Garvey said.
“This, coupled with our strong delivery pipeline of homes from our Homebuilding segment, leaves us well positioned to contribute significantly to the delivery of more homes across Ireland,” he added.
