The total investment in unsold stock, both delivered and under construction, remained approximately unchanged in 2012 at € 24 million.The number of unsold homes went down from 110 at year-end 2011 to 67. The number of unsold delivered homes increased by 20 to 56, spread over 13 projects.
Land positions x EUR 1 million 2012 2011 1 January 154 160 Net investment 19 2 Write-down ( 21) ( 8) 31 December 152 154 Cumulative write-down 39 18Each year, or earlier if the need arises, a plan assessment based on scenario analyses is performed for each land position. The present value of all future cash flows is estimated using a weighted average cost of capital of 9%. These cash flows at the current price level are not indexed. A 3% margin for sale risk is also factored in, and no account is taken of the result on the building. The carrying amount of the land bank comprises almost no interest and preparatory expenses. The land positions decreased by € 2 million to € 152 million, consisting of a net investment of € 19 million and a write-down of € 21 million. The € 19 million net investment largely comprised the investment in the second phase of the Nieuwvlietbad beach resort area development, and delivery of the land in Langendijk. The still outstanding unconditional liabilities to acquire land positions increased by € 15 million to € 39 million, of which € 22 million will fall in the 2014 to 2018 period, and € 17 million in 2019 and later. This increase was attributable mainly to a housing site in Hazerswoude for which a designation for residential purposes was obtained. Sales for the first phase will open later this year.