Milestones Achieved at Cordia International

Despite a more uncertain economic environment making things difficult for the real estate sector as well, the residential properties firm Cordia International Plc. has successfully navigated through the obstacles, as evidenced by the many milestones the company has achieved and the figures that show its performance. That is according to the Chairman of the Board at Cordia International Plc. Tibor Földi.

“We have completed the last residential building along Corvin Promenade in Hungary, bringing to completion the multi-award-winning centerpiece of the largest urban renewal program in Central Europe, launched more than a decade and a half ago,” he says in the company’s annual report.

Cordia continued its developments in Budapest, and in the fall, it expanded its portfolio in Hungary with the announcement of further 500 apartments.

In Poland and the UK, its focus was also on urban regeneration projects “as part of our DNA.” In Poznan, the company started construction of a modern residential complex on the site of the former Modena garment factory, and in Birmingham, it started handover of apartments in the first phase of The Gothic.

“We also continued construction on our first project in Spain, the Jade Tower on the Costa del Sol. As a sign of our success, we launched 5 new projects, sold 851 apartments and handed over 1 112 new homes during the year in our markets,” he added.

Cordia’s financial performance also showed strength in 2022. Despite the lower number of delivered units to customers compared to 2021, the Group achieved a comparable level of gross profit in 2022, as the value of handed-over units as well as realized margins increased substantially. The good business performance further strengthened the balance sheet and bolstered the liquidity position, keeping the indebtedness at low levels.

“The year 2023 will also not be easy, but we are ready and solid for the challenges ahead. We believe that the Polish and Romanian new housing markets have already bottomed out, and the market situation in Hungary should improve from 2Q onwards. We will launch Marina City, our next large-scale urban district redevelopment in Budapest, which is similar in scale to the Corvin Quarter. This project will be located on a 10-hectare brownfield site on the banks of the Danube, with over 1.2 km of river waterfront and 9-hectares of car-free green area,” the Chairman concludes.