Birmingham-based construction outfit St Modwen Properties has reported a renewed optimism in the housing market and regional commercial property sector.
In an interim management statement, St Modwen, which is behind the massive regeneration of the former MG Rover works in Longbridge, said improving consumer sentiment, supportive Government schemes and an increasingly stable economy are contributing to a notably more positive market outlook remaining consistent with management expectations for the 2013 financial year.
Demand for residential land continued to grow with overall profits from residential development in line with expectations set out at the half year.
The firm said it had an active development pipeline in commercial property and would continue to make good progress across its flagship developments.
It said: “For this quarter, the key highlight is Longbridge, where the first phase of the Town Centre is now open for trading. We expect to submit an application for phase two shortly.”
Bill Oliver, chief executive of St. Modwen, said: “Confidence in the residential market continues to grow across the UK and we are also seeing more optimism in the regional secondary commercial market which we hope will result in increasing levels of activity.
“Against this background, our ability to add value across our portfolio through effective asset management and planning expertise is resulting in an increasingly active, well-let development pipeline.
"This, coupled with our strong balance sheet, means we anticipate delivering continued growth for our shareholders.”