East London builder Telford Homes is set to cast its net again for buyers in Hong Kong, Singapore and Malaysia as it flagged up profits ahead of City hopes this year.
Telford, which marketed its Avant-Garde city apartment scheme in Shoreditch to buyers in the Far East last year, is set to pitch two further schemes to investors hungry for property in the capital in the coming weeks.
Chief executive Jon Di-Stefano said: “They are investors mainly who want to get a rental yield, attracted to London and looking for a diverse portfolio of assets, looking to buy 1-2 bedroom flats. It’s a still a very strong part of the market.”
But Di-Stefano said UK buyers were also playing their part as domestic interest picked up in other schemes such as Matchmakers Wharf, near the Olympic Park, and Greenwich Creekside. He is also taking the builder away from its traditional East London heartlands, buying a site on Albert Embankment which will be completed in 2015.
The firm completed 314 sales in the year to March, 10% ahead of the previous year and surpassing management hopes. This means profits should beat the £2.5 million pencilled in by analysts for the year. Telford is coming to the end of a two-year lull in profits after reining in development in the immediate aftermath of the recession. But the City expects earnings to treble to around £7.5 million in 2013, reflecting increased sales and higher margins.
The shares today jumped 6p to 103p.
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