The goal is not only stable results in Hungary and international expansion. Cordia also wants to dynamically develop in Poland. The plan of the Polish branch of the developer for 2021 is 745 apartments sold – almost half of the group’s sales in all markets in which it operates.
The Hungarian Cordia Group has been building apartments for 20 years, and in Poland – systematically strengthening its position on the market – since 2014. The developer, which also operates in Romania, Great Britain and Spain, and has recently become the sole shareholder of Polnord, has ambitious plans for the Polish branch for this year and the following years. He wants to sell an average of 750-1000 premises in Poland per year, which means that the local market plays an increasingly important role in his business. It ranks just behind Hungary, where the company plans to deliver 1,800 apartments this year, sell 860 and launch 7 new projects.
- In the first quarter of this year, we sold 141 apartments – both under the Cordia and Polnord brands. Our target for this year is 745 units sold. Plans for the coming years look similar. Of course, these calculations are based only on properties that we already have in our portfolio and do not take into account land that we can still buy. We constantly follow the market and analyze new land purchase opportunities. With such an amendment, the sale of 1,000 apartments per year, which we announced some time ago, is very realistic – says Michał Melaniuk, Managing Director of Housing Investments at Cordia Polska and President of the Management Board of Polnord SA.
The developer is active in Krakow, Warsaw and the Tri-City, and plans to include more cities in Poland. The latest data from the Polish market looks promising – according to the JLL report, in the first quarter of 2021, a record number of apartments were sold in the six largest markets (Warsaw, Kraków, Wrocław, Tricity, Poznań and Łódź): 19.5 thousand, i.e. 3% more than last year. There is also a moderate but steady rise in prices which is likely to continue.
Cordia has launched three new projects over the past few months. The pre-sale offers are apartments built as part of the second stage of Villa Jaśkowa Dolina in Gdańsk, the Safrano estate in Krakow and a unique project from the premium sector in Sopot – Leśna Sonata. In total, Cordia has already introduced 332 apartments to the market this year. After the premiere in Warsaw announced in the fall, this amount will increase by another 225 apartments – to 557.
As the sole shareholder of Polnord SA, Cordia also includes projects implemented under the Polnord brand in its sales plans. Station Kazimierz in Warsaw’s Wola district is one of them, as part of which 100 apartments have been sold this year.
Currently, Cordia is also selling flats built as part of the first stage of the Villa Jaśkowa Dolina estate in Gdańsk, the Fantazja and Horyzont Praga projects in Warsaw, and the Jerozolimska estate in Krakow. The current offer of Polnord includes premises in the Wiktoria and Wioletta estates in Warsaw’s Wilanów district.
It is worth recalling that in March, Cordia’s parent company – Futureal Group – raised another EUR 150 million for investments from the issue of 10-year green bonds. He wants to use these funds, among others for investments in the residential and commercial market in CEE and Western Europe. The person responsible for this area is Karol Pilniewicz, who previously held the position of regional director at the Cromwell Group.