Greenwich Peninsula developer says London鈥檚 housing shortage will keep the market 鈥渂uoyant鈥�
Greenwich Peninsula developer Knight Dragon expects the on-going housing shortages in the capital to keep the housing market 鈥渂uoyant鈥� as it develops out its 16,000-home east London scheme.
In Knight Dragon Developments latest set of UK accounts, filed at Companies House, its director Sammy Lee predicts London鈥檚 supply and demand 鈥渋mbalance鈥� of housing 鈥渋s unlikely to change significantly in the near future鈥�.
The directors also said the company 鈥渞emains well-positioned鈥� to negate any 鈥減otential negative effects鈥� from the fluctuations in the commodity and labour markets and in interest and inflation rates.
In the year to March 2015 the firm - a subsidiary of a Hong Kong development giant - reported revenue of 拢58.3m, up from 拢20,000 pounds in 2014, as it ramped up delivery of the project after fully acquiring the scheme in 2013.
The firm also reported a pre-tax loss of 拢1.45m for 2015, down from a profit of 拢474,995 for the previous year. At the end of this financial year Knight Dragon Developments employed 38 staff.
The firm recently secured approval for a that will see the overall area for consented development from 14 sq ft to 17 sq ft and the number of homes built from 10,000 to 16,000.
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