By Amr Adel
Dubai – Mubasher: UAE’s property developer DAMAC Properties is targeting the handover of around 1,000 housing unit in the fourth quarter of this year, most of which are located in Dubai, Niall McLoughlin, Senior Vice President, DAMAC Properties, said Sunday.
The official added that his company delivered more than 1,511 units in the first nine months of 2015, and expects to fully deliver the 2,500 units defined earlier before year-end.
The real estate firm has handed over 14,375 unit till the end of June, while nearly 37,000 other units are under construction.
McLoughlin described the execution rate in DAMAC’s projects since year start as ‘strong, adding that the company is continuing with a well-set plan and will start deliver in Akoya development before the end of this year.
The official also noted that the company’s revenues continued remarkable growth in the first nine months of 2015, backed by the gains in Dubai’s real estate sector this year.
DAMAC earlier posted AED 3.67 billion ($1 billion) in net profit for the first nine months of 2015, a rise of 43% year-on-year from AED 2.57 billion ($700 million). Revenues amounted to AED 6.77 billion ($1.84 billion).
McLoughlin also expected sales during the fourth quarter to be similar to those in the first nine months of 2015, which will bring the total number of sales reservations till year-end to AED9-10 billion ($2.45-2.7 billion).
Translated by Sayed Abdel Rahman
