Victoria Dom developer hopes to sell 1,2-1,5k flats in 2025; plans another bond issue

"We are increasing the land bank, also in Cracow and the Tri-City (...). We are trying to move in the direction of permanently selling about 2,000-2,500 flats in the perspective of a few years, if market conditions support the popular residential segment," Victoria Dom's deputy CEO Waldemar Wasiluk said.

"We have been losing volume for the last quarters because there was no credit available, but the first quarter was quite decent, the second quarter has also started well and realistically, at the end of May we will probably have sold more than in the last two quarters, so we should rebound in sales over the next few months," he added.

Deputy CEO Wasiluk said that the group hopes to end the year with a level of 1,200-1,500 flats sold to customers.

"This is not something we should be worried about, we should rather be planning the business for the next quarters," he added.

Victoria Dom sold 278 units in the first quarter of 2025, up 81 percent quarter on quarter and down 17 percent year on year.

The developer sold a total of 1,014 units in 2024, against 2,020 in 2023.

According to the CEO, in the coming years, the group has no plans to expand further beyond the markets in which it already operates.

"But if there is an opportunity to buy a developer who has an interesting land bank and exposure to other cities - we will look into that," Wasiluk stipulated.

"The consolidation of the market for property development activities is progressing," he pointed out.

As the CEO assessed, the next two to three years will bring higher profits, but they are 'on paper'.

"(...) Land prices have gone up, plus we have a lot more costs related to investments," Wasiluk pointed out.

In 2024, Poland's financial market regulator approved the prospectus of Victoria Dom drawn up in connection with the public offering of bonds issued under the Third Public Bond Issue Programme with a total nominal value of no more than PLN 400 million (EUR 94.36 mln).

In the issue conducted in April 2025, the company allocated bonds with a total nominal value of PLN 180 million (EUR 42.46 mln). In January, Victoria Dom raised PLN 50 million (EUR 11.8 mln) through a public bond issue.

"Since the beginning of the year, we actively have a new prospectus, we have carried out two issues, we will be planning a third one, which will probably start in the next few days," the CEO said.

The issue will be in a range of PLN 60-110 million (EUR 14.15-25.95 mln).

The company is not worried about bond market sentiment.

"The interest rates cut and improving sales prospects means that I think we will close the issue successfully. This is also not an issue to raise new funds, but to repay more expensive bonds that mature next year," Wasiluk pointed out.

doa/ ao/