Saturday 3 December 2016

Irish homebuilder Cairn Homes "confident" of selling 1,000 units by 2019

Paul O'Donoghue

Published 19/11/2015 | 07:46

Cairn Homes is looking to take advantage of the need for new houses in Ireland, particularly in Dublin
Cairn Homes is looking to take advantage of the need for new houses in Ireland, particularly in Dublin

Cairn Homes says it is "confident" of achieving its initial sales target of 1,000 housing units by 2019.

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The disclosure was made in an interim management statement released today in which the Irish homebuilder said it has agreed the sale of 40 houses with for an average price of €342,000 on its Parkside site.

The site has 56 houses at or near completion with a further 50 in development.

Cairn raised about €400m when it floated on the London Stock Exchange in September.

The company said that given the "current strength" of its site acquisition pipeline, Cairn "remains confident of its ability to efficiently deploy the IPO proceeds over the coming two quarters."

It added: "The group continues to scale its operations and expects to commence building on a further 5 housing development schemes during 2016. The group is confident of achieving its initial target of 1,000 unit sales by 2019."

Cairn also said "good progress" has been made at the its site in Albany, South Dublin, saying that it is on target for a full scheme sales launch toward the end of the first quarter of 2016. Revenue from the scheme is expected to hit €17m.

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