Net profits of Emaar Development – the build-to-sell property development business majority-owned by Emaar Properties – rose 62 percent to AED 819 million ($23 million) in the first quarter of 2018, compared to AED 506 million ($138 million) over the same period in 2017, the company announced on Monday.
In a statement, the company noted that Q1 revenue rose 95 percent to AED 3.27 billion ($890 million) from AED 1.67 billion ($455 million) in Q1 2017, with recorded sales of AED 3.91 billion ($1.06 billion) in the first three months of the year.
Emaar Development’s backlog now stands at AED 41 billion ($11 billion), with a pipeline of more than 27,200 residential units in the coming four or five years.
In Q1 2018, Emaar Development launched the sale of over 2,500 residential units.
“With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders,” Emaar Development and Emaar Properties chairman 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 added.
Among Emaar Development’s Q1 launches were Emaar Beachfront, a private gated island destination. The launch of the first project Beach Vista attracted strong investor response for subsequent project Sunrise Bay, with total sales of over AED 1.35 billion ($368 million).
Additionally, Emaar Development launched The Grand, a collection of luxury apartments, penthouses and podium-level townhouses. According to the company, 90 percent of the pile cap work is now complete.
Other launches include Saffron, a garden townhouse community, and Socio and Collective in Dubai Hills Estate.
Emaar Development currently has 10 developments in its portfolio.
Source : Arabianbusiness