“The first nine months confirm the strength of the residential market in Bucharest and the depth of demand for ONE product. Our priority in 2025 has been to keep construction advancing across all major sites, which supports revenue recognition and strengthens margins, while the high level of pre-sales ensures solid collections and visibility over future cash flows. The sales dynamic we have registered in the first nine months paired with our solid liquidity position provide us with a strong foundation for the coming quarters,” stated Victor Capitanu, One United Properties co-CEO.
Revenues from the residential segment reached 194.1 million euros in 9M 2025, an 18% YoY increase driven by solid sales performance throughout the past year and steady construction progress. The net margin increased from 33.5% in 9M 2024, to 36.9% for 9M 2025, above the margin of 35% targeted by One United Properties for this segment.
Rental income, which includes revenues from the commercial division and tenant services, rose by 5% YoY to 24 million euros in 9M 2025, while the net rental income remained stable at 15.6 million euros, reflecting resilience of the commercial portfolio. In 9M 2025, One United Properties leased and pre-leased 7,739 sqm of office and retail spaces and signed multiple lease extensions for a total area of 21,900 sqm.
“The commercial portfolio continues to perform in a stable manner, reflected in headline rent growth and consistent leasing activity. This performance supports the strategic direction we outlined at our Capital Markets Day: a more accentuated focus towards development, both across residential and office segments, rather than long-term asset ownership. Selling selected standing assets will allow us to release capital that can be reinvested into new projects with higher return potential, while keeping the balance sheet healthy. The next wave of new developments is already underway, with pre-sales at One Academy Club now open and One City District and One Park Lane expected to follow, marking the start of a new construction cycle for the Group,”stated Andrei Diaconescu, co-CEO and co-founder of One United Properties.
Administrative expenses decreased 17% YoY to 9.1 million euros due to the cost optimization program carried across the Group. The gross loan-to-value ratio stood at 31% as of the end of 9M 2025, proving solid financials and low leverage of the Group compared with the European peers.
In the first nine months of 2025, One United Properties delivered 138 units at One Lake Club (Phase 2) and 86 units at One Mamaia Nord 2. One Herastrau Vista, One Floreasca Towers and One North Lofts are scheduled for completion before the yearend.
As of September 30th, 2025, One United Properties had under construction a total of 3,817 units, 22,000 sqm of office spaces and 21,000 sqm of commercial spaces with a total Gross Development Value (GDV) of over 1.4 billion euros.
Moreover, the Company had in ownership or under pre-SPA 467.5k sqm of land locations for further development, with total above-ground gross building rights (GBA) of over 1.2 million sqm. The Group estimates the construction of approximately 9,650 apartments, services for communities, and 151k sqm of rental commercial buildings on these land plots with estimated GDV of additional 2.35 billion euros.
(English version by Catalina Apostoiu)