Gant: 3,000 flats for sale in next 24 months

2010-03-02

Gant Development plans to add over 3,000 flats to its sales portfolio over the next two years. The company's senior management estimates that such a figure would ensure consolidated revenues of PLN 740m (€185m), we read in Parkiet.
Gant expects to find buyers for at least 994 of its flats this year. It has set a revenue target for 2010 of PLN 312.7m (78.2m) as well as a net profit of PLN 58.6m (€14.7m). In turn its forecasts for 2011 provide for a profit of PLN 108.8m (€27.2m) and earnings of PLN 427.3m (€106.8m). The reason why its revenue estimates for this year are more modest is the difficult market situation last year and the postponement of certain projects. One consequence of the latter has been a decline in the number of flats it will complete in 2010. On the other hand, the outlook is brighter for 2011, when the developer expects to reap rewards from this year's housing offensive – the company will embark on eight investments in 2010 involving the construction of over 1,500 flats.
Gant's senior management is also hoping for higher revenues from commercial space leasing. Its proceeds from this source are expected to reach around PLN 29.4m (€7.4m) in 2010, PLN 45m (€11.3m) in 2011 and PLN 60m (€15m) in 2012. This threshold will be possible thanks to the completion of more commercial investments, including shopping centres in Bogatynia and Krakow.

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