Real Estate

Doha / Emirates Business DAMAC Properties, a leading luxury real estate developer in the region, is set to launch Burj DAMAC Seaviews in Qatar next week. The 31-storey tower, featuring luxury furnished and serviced apartments and townhouses ideally located at the beachfront in Lusail City, is set to raise the standards of hospitality in the city and beyond. Burj DAMAC …

Bloomberg Australia’s prized AAA rating will only rest on a firm footing once there’s a “meaningful moderation” in housing and credit, S&P Global Ratings said as it maintained a negative outlook on the country’s sovereign score. The country’s rating was affirmed by the credit assessor after the latest federal government budget projected a return to surplus by 2021, although S&P …

Bloomberg Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines. As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 percent premium, the highest level in …

Dubai / Emirates Business DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, on Monday announced the financial results for the first three months ending March 31. During the first three months of 2017, DAMAC recorded revenues of AED 1.95 billion, with gross profit margins at 54%. Net profit for the reporting period stood at AED …

Bloomberg The Hong Kong Monetary Authority tightened limits on bank loans to property developers, as it seeks to contain risks in the city’s booming real-estate market. From June 1, the caps for construction finance will be cut to 40 percent of site value and 80 percent of construction cost, with the overall limit reduced to 50 percent of the expected …

  Bloomberg US securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street’s biggest residential landlords used overvalued property assessments. Radian Group Inc.’s Green River Capital unit is one of the market participants that received a request for information from the Securities and Exchange Commission in March about broker price opinions, or BPOs, the …

  Ras Al Khaimah / Emirates Business RAK Properties PJSC, Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Stock Exchange, reported increased profits during the first three months of this year, with revenues in excess of AED115 million between the months of January to March 2017. The reported Q1 2017 results reveal a 61 per cent increase …

Dubai / Emirates Business Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED 539 million ($ 47 million) in Q1 (January to March) of 2017, higher by 19 percent over Q4 (September to December) 2016 net profit of AED 452 million ($123 million) and similar to net profit of AED …

  DUBAI / WAM Hussain Sajwani, Chairman of Damac Properties, rang the market opening bell to celebrate the listing of $500 million Sukuk, issued by Damac Real Estate Development Limited (DRED) on Nasdaq Dubai. DRED is a wholly owned subsidiary of Damac Properties PJSC. The listing on the region’s international exchange supports Damac Properties’ capital-raising initiative as it pursues its property …

  DUBAI / WAM Damac Properties has awarded a contract worth AED40 million to Proscape LLC for the roads and infrastructure works at Vardon cluster within AKOYA Oxygen, a 55-million-square-foot lush green development in Dubai. Mohammed Tahaineh, Senior Vice President of Commercial at DAMAC Properties, said, “We are pleased to award the roads and infrastructure works at Vardon cluster within …