Residential segment Marvipol Development is a residential developer, which operates in three cities: Warsaw, which is its core market (the company has been operating there for 27 years and delivered nearly 9.4k units), Gdansk and in Wroclaw. The developer focuses its activity on the upper and premium segments, which in turn should underpin the group’s profitability.
The company pre-sold 141 flats in 2Q23 (including 55 units in In Place I, 25 units in Lazurova Concept and 10 units in Gardenia Lagom I; 248 units in 1H23, +130% y/y) and 207 units in 2022 (the drop in y/y terms was driven by an unfavourable market environment). We note that the group intends to strengthen its position especially in Warsaw and is set to achieve average yearly pre-sales of ca. 800 dwellings (in the long-term perspective). Concurrently, the developer had 607 apartments in its offer as of end-2Q23.
Moreover, Marvipol Development had projects under construction with a GLA of 56k sqm, divided into four projects (Gardenia Lagom, Motława Garden, In Place I and II), and a landbank dedicated to projects in preparation with a GLA of 110k sqm, located in Warsaw, Gdansk and Wroclaw.
