3 June 2019 -Eje Prime
Insur has announced that it is delaying the scheduled delivery of more than 650 homes by two years. However, the real estate group claims that the delays “are not significant” and are due to external factors, such as the entry into force of the mortgage law, the strategy replanning of the company and “the redesign of plans to reflect the demands of clients”.
Nevertheless, the news follows the announcement of similar delays, and profit warnings, by rivals such as Neinor, Metrovacesa and Quabit, and so the market is understandably nervous about this latest news.
In the case of Insur, the company is delaying the delivery of more than 650 homes in 11 different promotions, including the BA-2 and BA-3 developments in Entrenúcleos, located in the municipal district of Dos Hermanas in Sevilla.
Nevertheless, the property developer claims that the delay in the scheduled delivery of its homes has nothing to do with Neinor’s profit warning and assures that the company’s analysts are not worried.
Currently, Insur has 275 homes under construction and 1,625 properties in developments through joint businesses. It also owns a portfolio of land spanning 95,000 m2 on which to build another 880 homes and has long-term purchase options over twelve plots with a buildability of 208,000 m2.
Original story: Eje Prime (by Marta Casado Pla)
Translation/Summary: Carmel Drake