The Courier & Advertiser (Fife Edition)
Cala Homes reports sixth year of growth
Cala recently failed in its bid to build 165 homes in Aberdour
The housing group behind a controversial plan to build 165 homes in a Fife village has reported its sixth consecutive year of growth.
Cala Homes’ applications for two housing developments in Aberdour were rejected by planners last week, after around 1,500 objections were tabled by local people.
The group is also behind the development of 19 luxury homes in the grounds of St Mary’s Monastery in Perth.
In a trading update yesterday, the Edinburgh-based firm said its number of home completions rose by 29% in the year to June 30 from 1,677 to 2,171 homes. The average selling price was £463,000, a drop of £34,000 on the previous year.
In March this year, Legal & General acquired the 52.1% of the group it did not already own.
Graham Reid, interim chief executive of Cala Group, said: “The past 12 months have been a landmark year for Cala. The continued strength of our performance produced a sixth consecutive year of outstanding delivery, while we were also able to further expand our growth targets based on our consistent track record and investment in the business in recent years.
“The overall market backdrop for Cala has remained broadly supportive and we enter the remainder of the extended financial year in a positive position, with a healthy level of forward private reservations.
“Looking ahead, we remain confident of continuing our strong growth momentum with the benefit of the backing of Legal & General, one of the most highly-respected, blue-chip investors who shares our long-term vision.”
The housing group contracted 29 new sites with 2,836 plots during the year, with a potential gross development value of £1.1 billion.
At the year end the group had secured 499 forward private reservations worth £211m – 31% up on last year’s figure.
Cala also announced Kevin Whitaker will take up the role of group chief executive from August 1.