Cala aims to build on success of '˜modest' homes

Upmarket housebuilder Cala today said that sales of 'modest' homes '“ costing an average of more than £310,000 '“ have beaten its forecasts.

Cala said it has seen 'huge demand' for its 'modest' houses. Picture: Contributed

The firm has sold 23 of the three-bedroom “Arthur” houses across the east of Scotland over the past ten months, racking up total sales worth more than £7.1 million.

The Edinburgh-based group, which has set itself the target of growing revenues to £1 billion within the next five years, said the homes from its Signature range suited the needs of young and starter families as well as first-time buyers and “downsizers”.

Stala Thomson, sales manager at Cala Homes East, said: “There has been huge demand for our three-bedroom Arthur homes across our developments in the east of Scotland

“We have a number of clients who have stayed with us through their lifetime, part exchanging along the way to allow them to upgrade and downsize as they wish, therefore the Arthurs represent a great way for house hunters to take that all important first step onto the luxury property ladder.”

In September, Cala reported a 79 per cent jump in revenues to £511.6m for the year to June, helping pre-tax profits almost double to £50.9m, compared with £26.8m a year earlier.

The builder, headed by chief executive Alan Brown, was acquired by insurer Legal & General and private equity firm Patron Capital in a £210m deal in March 2013.