Mobimo achieves operating targets for 2023 with solid result - Seite 3

 

Profits from value-adding development

Profit from development projects and sales of properties was CHF 27.2 million in 2023 (prior year: CHF 42.4 million). Marketing of the “Edenblick” project in Oberägeri was successfully launched in summer 2023, and construction started in the fourth quarter. Mobimo is realising 90 sought-after condominium apartments spread across ten buildings. As at the reporting date, notarised purchase agreements or reservations had already been made for 45 apartments. Demand for high-quality condominiums and projects remains unabated, also reflecting the high quality of the products offered by Mobimo. Mobimo also has a solid track record of translating its development activities into attractive development profits.

 

With a considerable development pipeline worth around CHF 1.5 billion, Mobimo is in a promising position to create further value over the coming years. In the fourth quarter, a separate purchase agreement was notarised for part of the RAD site in Zurich Oerlikon. After the transfer of ownership, which is expected to take place in 2025, Mobimo will develop the 11,000 m² site into a mixed residential and working neighbourhood over the following years.

 

Sustained trend reversal for property values

Real estate market transactions decreased in response to the turnaround in interest rates, although activity has rallied slightly since the second half of the year. Slightly lower prices were again recorded in the commercial and office sectors, meaning that the value correction seen in the first half of 2023 – the first in years – continued in the second half. Nevertheless, the broadly diversified portfolio of properties in good locations is proving robust even in the face of current market changes. The appreciation gains from the investment properties under construction continue to cushion the corrections for existing office and commercial space. Overall, the value of the portfolio depreciated slightly, by 1.5%. The value of the entire property portfolio as at the end of 2023 was CHF 3.6 billion (prior year: CHF 3.7 billion).