One United Properties (BVB: ONE), Romania’s leading green property developer, has posted impressive figures for 2024, reporting total sales and pre-sales of EUR 227.8 million. This corresponds to 83,958 sqm of residential and commercial space, including 850 apartments, commercial units, and 1,270 parking spaces. As of 31 December 2024, the company had 4,041 units under construction, including office and commercial spaces, with a total Gross Development Value (GDV) of EUR 1.5 billion.
Victor Capitanu, Co-CEO of One United Properties, highlighted the success of the company’s sales team, which navigated a challenging market environment characterised by high inflation, geopolitical uncertainty, and local political complexity. “The sales mix reflected strong demand for high-value units, especially in developments nearing completion, reinforcing the resilience of our portfolio,” said Capitanu. He pointed to the success of One Lake District Phase 2, the company’s most affordable offering, as a key indicator of its ability to meet diverse customer needs and adjust its pricing strategy accordingly.
The average sales price per square metre remained stable in 2024 compared to the previous year, reflecting the inclusion of units from the One Lake District Phase 2 development, which was incorporated into the sales portfolio in May 2024. One United Properties focused its sales efforts on projects already in advanced stages of construction, and as of the end of 2024, 72% of the available units had been sold. The company expects additional cash receipts of EUR 342.9 million under existing contracts with customers, to be collected by 2027, with EUR 173.8 million already received in 2024.
The commercial division also performed strongly, with headline rents reaching EUR 28.2 million, a 20% increase compared to the previous year. Despite a challenging office market in Romania, the leasing activity remained robust. The company leased and pre-leased 12,850 sqm of office and retail space, and signed lease extensions for 7,120 sqm in its existing portfolio. As of 31 December 2024, 94% of One United Properties’ standing commercial portfolio had been let.
Andrei Diaconescu, Co-CEO, said that 2024 had been a testament to the company’s resilience, adding that the EUR 228 million in residential sales, along with 20,000 sqm of commercial leases and extensions, showed that quality continues to drive demand, even in uncertain times. “Our focus on building a prestigious and aspirational brand in Romania remains the winning formula,” he said.
Looking ahead, One United Properties is focused on expanding its development pipeline. The company owns or has pre-sale agreements for 285,100 sqm of land, with a GDV of EUR 1.8 billion. These projects are currently in the planning phase and include an estimated 7,000 apartments, as well as 146,000 sqm of commercial space, including 121,000 sqm of offices and 25,000 sqm for restoration. With EUR 1.5 billion in ongoing projects, One United Properties is well-positioned to continue its leadership in Bucharest’s property market.
