In the first quarter of 2020, Dom Development sold 815 premises net against 926 a year ago, and transferred 549 premises against 1,215 a year earlier, the developer stated.
Dom Development reported that it sold 497 premises in Warsaw, 220 in the Tri-City and 98 in Wrocław in the first quarter of this year.
As reported, the volume of transfers was in line with the plan, and the financial result for the first quarter was mainly influenced by transfers on Warsaw projects Żoliborz Artystyczny (81 premises), Wille Taneczna (75), Stacja Grochów (74), Port Żerań (71) and Apartments Dolny Mokotów (51), as well as Idylla (79 premises) in Wrocław.
“The volume of sales and transfers of the Group in the first quarter of 2020 was close to the level assumed in the budget, which creates the impression of a calm beginning of the year. This statement is true only until the appearance of the COVID-19 virus in Poland at the beginning of March,” the release reads
Dom Development announced that at the end of March the group had about PLN 644 million of cash on bank accounts, while the Group's net interest debt to gearing ratio was around 4 percent.