Homebuilders Glenveagh sees 'strong demand' helped by improved planning process

Currently active on 21 building sites nationwide, Glenveagh said it had already opened four new locations ahead of its AGM

Stephen Garvey - CEO of Glenveagh Properties

Homebuilders Glenveagh says the company has already booked 1,150 suburban units for sale, putting the builders on track to exceed last year's booking as it benefits from "very strong underlying demand."

Reiterating its profit guidance ahead of its annual general meeting on Thursday, the company said that an improved planning environment had allowed for significant progress.

Currently active on 21 building sites nationwide, Glenveagh said it had opened four new locations so far, with chief executive, Stephen Garvey saying, "We have made good progress so far in 2023 with an advancing order book, strong market demand, improved planning momentum and increased Government impetus around demand and supply side initiatives.”

“This supports our confidence around delivering our short and medium-term goals, with our Return on Equity target of 15% in 2024 continuing to be our key capital metric. Operationally, our programme of site openings is progressing very well with more to come in the second half of the year.”

With four locations already opened, the company said it expected further new sites and phases of ongoing projects to commence, with homes expected to be delivered by 2024.

So far this year, the Group has been granted permissions for approximately 3,400 units across fifteen applications, however, some 2,000 are currently in post-grant appeal periods.

"The planning environment is improving, in particular, the LRD (large-scale residential development) planning process. But there remains plenty to do to ensure the country can accelerate the housing supply in coming years," said Mr Garvey.

The industry also needs a national planning framework that accurately reflects present and future population requirements, supporting viability and designed for appropriately located homes that people want and need.”