Cairn Homes plc Cairn Homes Trading Update (3797P)
November 17 2016 - 2:00AM
UK Regulatory
TIDMCRN
RNS Number : 3797P
Cairn Homes plc
17 November 2016
Press release
Cairn Homes Plc
Trading Update
Dublin/London, 17 November 2016: Cairn Homes Plc ("Cairn" or
"the Company") (LSE:CRN), the Irish homebuilding company, today
issues a trading update for the period from 01 July 2016 to 16
November 2016.
The Company continues to make good progress in developing its
substantial, high quality land-bank. The core land-bank portfolio
now consists of 29 separate sites, on which the Company will
develop in excess of 12,000 units, with over 90% of those units
located in the greater Dublin area, which is experiencing strong
demand and has excellent long-term growth drivers.
This progress is exemplified by a high level of pre-launch,
"off-plan" interest for the Company's development at Marianella, in
the prime South Dublin location of Rathgar. The Company's original
intention was to launch sales in March 2017 on completion of the
first units. However, "off-plan" sales have now been agreed with
deposits taken on 40 of the planned 234 units, with a total sales
value of c. EUR27.2 million.
In addition, Cairn confirms that it remains on track to achieve
its 2016 target of completing in excess of 100 house sales across
its active sites and reiterates its confidence in achieving its
medium term objective of delivering 1,200 units a year by 2019.
The Company believes that the help to buy scheme recently
introduced by the Irish Government will further underpin its
planned growth over the coming years.
Michael Stanley, CEO of Cairn Plc said: "Cairn occupies a strong
position in a rapidly improving Irish housing market. We have a
superb land bank in an area supported by highly attractive housing
demand fundamentals, coupled with strong macroeconomic trends in
Ireland.
"We continue to accelerate our home-building operations in
accordance with our IPO plans and have a talented team to deliver
on our growth targets. We are currently building on sites which
will deliver 1,150 units and by the end of 2017 our active sites
will have the potential to deliver over 3,600 units. The high level
of pre-launch demand for our Marianella, Rathgar project is a clear
endorsement of our strategy with off plan sales achieved of EUR27.2
million."
For more information, please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley
Eamonn O'Kennedy
Powerscourt +44 20 7250 1446
Justin Griffiths
Jack Hickey
Drury Communications +353 1 260 5000
Billy Murphy
Morwenna Rice
Notes to Editors
Cairn Homes plc is an Irish homebuilder with a highly
experienced management team and a core land-bank portfolio which
consists of 29 separate sites, on which the Company will develop in
excess of 12,000 units, with over 90% of the sites located in
Dublin and the greater Dublin area. The Company is committed to
constructing high quality new homes with an emphasis on design and
innovation. www.cairnhomes.com
This information is provided by RNS
The company news service from the London Stock Exchange
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