Glenveagh reports continued increase in reservations for new homes

Glenveagh reports continued increase in reservations for new homes

Housebuilder Glenveagh Properties has said that reservations for new homes have continued to increase despite the company’s sites and showhouse villages remaining closed due to the Covid-19 pandemic.

In a recent statement Glenveagh revealed that 5,702 units are sold, signed or reserved which it said reflected continued robust demand for its starter-home developments.

In a trading update for the period up to May 6th, Glenveagh said it is implementing enhanced health and safety practices across its sites to limit the spread of Covid-19.

It said that these measures, along with the classification of construction as a permitted activity, will facilitate the phased recommencement of work on its sites from May 18th.

The work will initially implement the changes required under construction companies’ new working practices and protocols.

“We will then commence a phased return to construction which is expected to resume on approximately 80% of the group’s sites with activity focused on completing units which are signed or reserved and are capable of completion within a short timeframe,” the company said.

It also said it has made appropriate and significant payments to support its subcontractor and supplier network who are also dealing with this challenging environment.

“Where necessary we will continue to support the group’s subcontractor network as we commence a phased return to work on site,” the company added.

Stephen Garvey, Glenveagh’s CEO, said that the safety and welfare of its employees, sub-contractors and customers remains its priority as it plans to recommence work on site next week.

“Despite the suspension of much of our activities during recent weeks we continued to add to our strong order book highlighting the attractiveness of the group’s product offering,” the CEO said.

“Our confidence in the future of our business is driving us to take the right actions to protect our performance, deliver positive cash flows and ensure we are well placed for a recovery, underpinned by our strong balance sheet,” he added.

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