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Quite a successful long distance relationship

Eurobuild CEE 19 June 2019
POLAND Dom Development subsidiairy Euro Styl has significantly enlarged its land bank.

At the end of March the developer held the right to land on which over 53,000 residential units could be built, whereas in the previous year it only held enough land on which to build just under 2,000 units. This represents a y-o-y increase of 172 pct. The company continues to operate under its own brand in the TriCity, despite having been taken over by Dom Development two years ago.

This year Euro Styl is targeting sales of around 800 units. At the end of Q1 Euro Styl had 995 units under construction and land to develop over 3,000 more. The company’s sales have grown by 11 pct, which is faster than the market. “Over the next few years we want to accelerate our development and gradually increase our market share in the TriCity. Our land bank, which has grown over the last year, will allow us to put into practice our ambitious plans. We have secured enough land for our needs for the next 4-5 years. It comprises plots in attractive locations across the TriCity and Rumia with good transportation links. Through the acquisition of Euro Style, Dom Development has increased its scale of operations while Euro Styl has gained strong financial backing,” comments Mikołaj Konopka, the CEO of Euro Styl.

Over the next few years, Euro Styl plans to develop its Młode Miasto residential estate with around 1,200 apartments on a plot of just under 7 ha, next to the European Solidarity Centre museum.

Over the twelve years of its operations, Euro Styl has sold almost 5,600 units in almost 160 buildings. Over the last two years, the developer has increased its net sales of by almost 14 pct (from 661 units in 2016 to 752 units in 2018). In 2018, the Tri-City accounted for 21 pct of the units sold by the Dom Development, which makes it the company’s largest sales market after Warsaw.

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