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Dubai / Emirates Business
Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, has recorded an impressive growth in the sale of its residential property launches in Dubai to AED9.350 billion ($2.546 billion), an increase of 50 percent compared to the H1 2018 sales of AED6.234 billion ($1.697 billion).
Emaar Development launched 16 new projects during the first half of 2019 with a total project value of AED8.850 billion ($2.409 billion). Emaar Development reported a net profit of AED1.382 billion ($376 million) and a revenue of AED6.237 billion ($1.698 billion) during the first half of 2019 compared to AED1.816 billion ($494 million) and AED6.991 billion ($1.903 billion) during first half of 2018 respectively.
The first half recorded significant land sales transactions with higher margin and number of projects recognised for the first time upon completion of 20 percent construction resulting in higher revenue and net profit.
Emaar Development’s total sales backlog of AED37.596 billion ($10.236 billion), highlights the strong financial fundamentals of the company with remarkable revenue recognition to be achieved in the coming three to four years.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “The growth of Emaar Development’s sales in the first half of 2019 reflects the continued investor trust in Emaar’s value proposition by providing best-in-class master planned communities matched by our exceptional track-record in project delivery. The design and build quality of Emaar’s projects and the focus on exceptional customer service and community management add to the confidence of investors. We will continue to develop iconic residential developments that offer home-customers a varied choice of lifestyle destinations that meet their aspirations.â€
Emaar launched iconic developments in 2019 that will shape the future of the city including Mina Rashid, the world’s new sailing destination set by the historic Dubai Creek near Bur Dubai/Deira. P&O Marinas, a subsidiary of global trade enabler DP World — UAE Region, has made the land available to Emaar and will continue to develop world-class marinas and berthing facilities.