British real estate developer St Modwen Plc
The company, whose projects include the Elephant & Castle Shopping Centre and Discovery Court Business Centre in London, said its full-year results were likely to include profit of more than 20 million pounds from development activities.
Demand for residential land remains robust, and we have made excellent progress in our housing development programme, both in joint venture with Persimmon and under our own housebuilding arm, St Modwen Homes, Chief Executive Bill Oliver said in a statement on Thursday.
For the year ended November 30, residential land sales were 72 million pounds, including 27 million to the Persimmon
Earlier this year, St Modwen had signed a strategic joint venture with British builder Persimmon to develop 2,000 houses over seven sites.
Last month, Persimmon said the number of first-time buyers had risen over 35 percent, a welcome boost to the industry that has seen first-time buyers frozen out of the market by high-deposit requirements.
St Modwen shares, which have lost a quarter of their value in the last three months, closed at 104.5 pence on Wednesday on the London Stock Exchange, valuing the firm at about 210 million pounds.
(Reporting by Tresa Sherin Morera in Bangalore; Editing by Gopakumar Warrier)