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14 February 2002
STATEMENT BY ALAN H CHERRY MBE
Chairman of Countryside Properties PLC
at the Company's Annual General Meeting on Thursday 14th February 2002
Recent trading experiences indicate that the housing markets in the areas of our operations have recovered from the slowdown experienced in the weeks immediately following the tragic events of September 11th. Market fundamentals are sound and consumer confidence appears to be holding steady. Trading conditions since the beginning of the New Year have been particularly strong.
Enquiries for the Group's homes over the last three months are 25 per cent higher than the same period last year. The number of reservations taken during this period has increased by 18% and, at an average selling price of £260,000, are some 48% ahead by value. Overall forward sales of new homes are 7% ahead by value of the position this time last year.
Homebuyers are undoubtedly being attracted to the Group's ever improving designs and the very high quality of the environments that we are creating. Sales reservations for new homes on our urban regeneration sites, in particular, are well ahead of construction programmes and interest from prospective homebuyers in sites recently acquired for development and still at the design stage is also most encouraging.
Trading conditions are encouraging, market fundamentals are favourable and our own forward sales position is strong.
Alan H Cherry MBE, Chairman of Countryside Properties PLC
The Group has for some years been positioning itself to be more responsive to changing Government policy and public opinion about the type of new development that is required and where it should be encouraged. This has resulted in significant investment being made by the Group in its skills base to deliver schemes on a socially, ethically and environmentally sustainable basis. Whilst this has presented some challenges we strongly believe that the Group is now extremely well placed to make the most of the opportunities now arising for our industry.
The Group's vision and expertise, coupled with our skills in master planning and innovative approach towards product design, continues to open up more unique development opportunities. The Group has secured a number of new and exciting projects in recent weeks that will further enhance the strength and breadth of its development programme, which already includes several high profile projects such as Greenwich Millennium Village in London.
The Group has recently been selected by the National Trust as its preferred developer for the creation of a new sustainable housing development on the site of the former Canadian Red Cross Hospital in the grounds of the spectacular Cliveden Estate in Buckinghamshire.
We have also recently acquired a 12.7 hectare site that was formerly part of Withington Hospital in South Manchester. This site has the benefit of planning permission for a major £150 million mixed-use scheme. It is in a prime location and is regarded as the best mixed-use site in the North West region.
The Group has, in addition, been selected by AMEC Developments as their development partner for the residential element of the Sportcity project, one of the UK's most extensive regeneration programmes next to the Commonwealth Games Stadium in New East Manchester.
The Group has also recently been chosen by Anglia Polytechnic University as its development partner to re-develop the University's Central Campus site in the town centre of Chelmsford, the County town of Essex. Our selection for this £100 million mixed-use scheme follows an international competition. We are pleased to be working with the Richard Rogers Partnership, our chosen architects for this important project.
In the longer term, today's already serious undersupply of new housing is set to worsen. The future for the Group looks most positive in this light with the extent and quality of its expanding land bank and its ability to keep generating such valuable new development opportunities.
Trading conditions are encouraging, market fundamentals are favourable and our own forward sales position is strong. The Directors are confident that the Group is on course to achieve further progress during the current financial year.
ALAN H CHERRY MBE
Chairman
14th February 2002
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Information correct as at 14/02/2002