One United Properties, Romania’s leading real estate developer of sustainable high-end residential, office and mixed-use projects, reports a preliminary turnover of 1.4 bn. RON440.9 mln in 2024, a gross profit of RON440.9 mln, while last year’s net profit reached RON381.4 mln.
Residential segment revenues amounted to 1.1 bn. RON in 2024, down 2% year-on-year, as more projects moved into later phases of construction, where revenues are gradually recognized. However, net revenues from residential properties rose 6% year-on-year to RON324.1 bln, reflecting higher sales margins as developments advance and sales prices rise, which translated into a higher net margin from residential sales – from 26.9% in 2023 to 29.2% in 2024.
Rental income, which includes both commercial segment income and tenant services, increased 18% year-on-year to RON 151.4 million in 2024. Net rental income increased by 25% year-on-year to RON 102.9 million, reflecting higher occupancy and strong tenant demand. Throughout 2024, One United Properties leased and pre-leased 12,850 sqm of office and retail space and signed multiple lease extensions for 7,120 sqm, reinforcing the superior quality of its commercial portfolio. The financial impact of these leases will be reflected in future rental income growth.
Despite significant development activity on 13 ongoing sites, One United Properties closed 2024 with a cash position of RON431.8 million, up 3% year-on-year, supported by strong proceeds from residential sales and pre-sales totaling RON864.6 million and the successfully completed capital increase of RON340.1 million in the third quarter of 2024.
The loan-to-value ratio was 27% at December 31, 2024, an improvement of 1 percentage point from the previous year. Net debt at the end of 2024 was RON 615.6 bn, representing just 11% of total assets, which reached an all-time high of RON 5.5 bn. RON.
As of December 31, 2024, One United Properties had 13 developments under construction, comprising 4,041 residential units, 22,000 sq.m. of office space and 21,000 sq.m. of retail space, with a total Gross Development Value (GDV) of 1.5 bn. At the end of last year, 74% of all available units – either under development or already delivered – were sold. In 2025, One United Properties expects to deliver 2,300 units, making this the most ambitious delivery year in the company’s history.
In addition, as of the end of 2024, One United Properties owned or had entered into pre-contracts to purchase 285,100 sf of land for future development, with gross building over GBA of approximately 988,000 sf. All of these plots are currently in the planning stage, with an estimated total GBA of 1.8bn. On them, One United Properties expects to build 7,000 apartments, community services and 146,000 sq.m of commercial buildings for lease. Of the commercial buildings, 121,000 square meters will be office space and the remaining 25,000 square meters are buildings that will be restored.