Safe and Green Development Corporation Reaches 50% Completion Milestone for Sugar Phase I Project

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has reached a 50% completion milestone for its Sugar Phase I project in South Texas. The single-family homes development project is scheduled for completion by Q1 2025. With this milestone, the company has launched its marketing campaign to sell the homes, utilizing a proprietary digital platform that integrates mortgage services and down payment assistance to streamline the homebuying process.

Positive

• Project is on schedule with 50% completion milestone achieved
• Implementation of proprietary digital platform for sales and mortgage integration
• Clear completion timeline set for Q1 2025

Negative

• None.

Insights

Real Estate Development Analyst

The 50% completion milestone for the Sugar Phase I project represents moderate progress but lacks critical financial details to fully assess its impact. While the project timeline appears on track for Q1 2025 completion, no information is provided about the number of units, price points, or expected revenue. The launch of marketing efforts and digital platform integration could streamline sales, but without specifics on market demand, absorption rates, or profit margins, the actual financial impact remains unclear.

The South Texas housing market shows promise, but investors need more concrete data about project costs, expected returns and pre-sales metrics to evaluate this development's contribution to SGD's bottom line. The milestone announcement, while positive for operational progress, provides insufficient financial context for meaningful investment analysis.

MIAMI, Nov. 26, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company"), a real estate development company, is pleased to announce a significant milestone in the progress of its Sugar Phase I project in South Texas (the "Project"). The Company has successfully completed 50% of the Project, marking a critical step in its construction timeline.

The Project, now halfway through its construction, is an integral part of SG Devco's strategy to deliver high-quality single-family homes in rapidly growing communities. The Project is on track for completion before the end of 2024, reinforcing SG Devco's commitment to meeting housing demands and delivering on its development objectives.

With this milestone achieved, the Company is launching its marketing campaign to sell the homes in the Sugar Phase I Project. SG Devco will leverage its proprietary digital platform and tools to enhance the homebuying process. The platform seeks to simplify the homebuying experience for SG Devco homes by seamlessly incorporating mortgage services and down payment assistance.

"We are thrilled to achieve this major milestone for Sugar Phase I," said David Villarreal, CEO of SG Devco. "This progress is a testament to our team's dedication to advancing innovative housing solutions. We look forward to completing the project by Q1 2025 and continuing to contribute to the vibrant growth of the South Texas region."

The Company remains committed to maintaining its momentum on the Project and achieving successful sales as it prepares for the completion of Sugar Phase I.

About Safe and Green Development Corporation (SG Devco)

Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact are or may be deemed to be forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions and include statements regarding SG Devco's strategy to deliver high-quality single-family homes in rapidly growing communities, the Sugar Phase I Project being on track for completion by Q1 2025, SG Devco's commitment to meeting housing demands and delivering on its development objectives, leveraging the Company's proprietary digital platform and tools to enhance the homebuying process, the Company's platform simplifying the homebuying experience for consumers by seamlessly incorporating mortgage services and down payment assistance, the dedication of the Company's team to advancing innovative housing solutions, continuing to contribute to the vibrant growth of the South Texas region, maintaining momentum on the Project and achieving successful sales as the Company prepares for the completion of Sugar Phase I and creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment.

These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to deliver and sell finished homes for the Sugar Phase I project in South Texas as planned, the Company's ability to create an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment, the Company's ability to obtain the capital necessary to fund its activities, the Company's ability to monetize its real estate holdings, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For investor relations and media inquiries, please contact:

Barwicki Investor Relations
Andrew@Barwicki.com 
516-662-9461

 

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SOURCE Safe and Green Development Corporation

FAQ

What is the current completion status of SGD's Sugar Phase I project?

The Sugar Phase I project has reached 50% completion milestone in its construction phase.

When is the expected completion date for SGD's Sugar Phase I project?

The project is expected to be completed by Q1 2025.

What features does SGD's new homebuying platform include?

SGD's proprietary digital platform includes integrated mortgage services and down payment assistance to simplify the homebuying process.

Where is SGD's Sugar Phase I project located?

The Sugar Phase I project is located in South Texas.