Dubai – Mubasher: Emaar Development reported a 62% year-on-year growth in net profit for the first quarter of 2018, recording AED 819 million ($223 million) from AED 506 million ($138 million).
Revenue surged 95% to AED 3.27 billion ($890 million) during Q1-18, compared to AED 1.67 billion ($455 million) in the prior-year period, according to a press release issued on Monday.
Notably, sales amounted to AED 3.91 billion ($1.06 billion) in the three-month period ended March 2018, the press said, adding that the company has a total backlog of AED 41 billion ($11 billion) now.
The build-to-sell property development business, majority-owned by Emaar Properties, plans to deliver more than 27,200 residential units over the coming four to five years, the press highlighted.
The company had launched the sale of over 2,500 residential units in Q1-18 across its mega-developments with a strong response from investors within the local and international markets.
Successful listing
“With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders,” chairman of Emaar Development and Emaar Properties Mohamed Alabbar said.
“This is demonstrated by the growth of the business and focus on delivering high-quality projects and service with our customer-first approach. With our new developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy,” he continued.
Lifestyles
During Q1-18, Emaar Development has unveiled a privately gated island destination in the Arabian Gulf under the name of “Emaar Beachfront”, which will allow residents to experience Miami beach style living in Dubai.
Launching the first residential complex within the framework of Beach Vista was a “sell-out success”, in line with strong investor response for launching the second complex “Sunrise Bay”, the press remarked, adding that the two destinations have recorded total sales of over AED 1.35 billion (US$ 368 million).
Outstanding destinations
Emaar Development unveils the new 10 million square feet Emaar Beachfront destination in Dubai with astonishing views of the Arabian Sea and an exclusive access for residents to a 1.5 km private beach, according to the press.
The company has launched The Grand, an exclusive collection of ultra-luxury apartments, penthouses and podium-level townhouses, due to the continuous demand for residences in Dubai Creek Harbour, which is nearly two-and-a-half times the size of Downtown Dubai.
Emaar is still maintaining the construction work of the anticipated Dubai Creek Tower, the press said, pointing out that about 90% of the pile cap work has been completed as of now.
Emaar Development has launched Saffron, its first garden townhouse community, with Emaar South, its joint venture with Dubai South.
“Emaar Development also launched an innovative concept for co-living with Socio and Collective in Dubai Hills Estate, next-door to the upcoming Dubai Hills Mall. Socio recorded sell-out response and Collective witnessed strong customer demand,” the press noted.
Emaar and Aldar Properties announced their joint venture to develop the new international destinations that will shape the UAE’s ever-evolving skyline as a remarkable step to benefit from the available opportunities in the real estate sector.
The joint venture aims to develop AED 30 billion pipelines with an initial focus on two projects in Abu Dhabi and Dubai.
Emaar Development has over 10 mega-developments in its portfolio, and its strategy focuses on reinforcing its leadership role in a prime residential real estate in Dubai, the optimum use of its significant land bank, and collaborating with leading entities to create sustained value for its shareholders.
