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Macrotech Developers (MDL) announced that the company's UK projects had their best ever quarter of sales with sales totalling £191 million (Rs 1900 crore) in the quarter (Q3FY22). The company believes that MDL's investment in the UK will be significantly repatriated back to
India in FY 23.
Grosvenor Square, London (GSQ):
In the previous quarter (Q2FY22), GSQ development had £110 million (Rs 1100 crores) of pre-sales following the relaxation of restriction on international travel.
The momentum continued in the quarter and we had our strongest ever quarterly sales performance at GSQ with pre-sales of £177 million (Rs 1770 crore). Thus, in just 2 quarters, GSQ has achieved almost £300
million of pre-sales.
With these two quarters of strong performance, the $225 million bond is likely to be repaid fully in next 4 months from the sales proceeds, well in advance to its scheduled maturity of March 2023.
Basis current trajectory, the company expects the project to be fully sold out well ahead of the business plan target of Q4FY24.
Lincoln Square, London (LSQ):
Lincoln Square continued its steady performance and achieved pre-sales of £14 million (~Rs 140 crore) during the quarter. The project remains on track for sell out over the next 1-2 quarters.
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