Construction unit of Emaar Properties says half-year sales in Dubai rose by 50% despite dip in profit and revenue.Emaar Development, the building unit majority-owned by Emaar Properties, has recorded residential property sales in Dubai of AED9.3 billion ($2.5 billion) in the first six months of 2019. The figures represents an increase of 50 percent compared to the H1 2018 sales of AED6.2 billion, a statement said.
It added that Emaar Development launched 16 new projects during the first half of 2019 with a total project value of AED8.9 billion. The company also reported a net profit of AED1.4 billion and a revenue of AED6.2 billion, down from AED1.8 billion and AED6.9 billion during first half of 2018 respectively. Emaar Development said its total sales backlog of AED37.6 billion highlights the strong financial fundamentals of the company.
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.”
New projects launched included Mina Rashid, a AED25 billion investment to celebrate Dubai’s maritime heritage which will feature The Dubai Mall by the Sea, an elite waterfront retail, dining and leisure destination and a floating yacht club. Another significant launch, also gaining sell-out response from investors, was Arabian Ranches III, an extension of Dubai’s well-established Arabian Ranches destination.
Emaar Development said it has also reported strong demand for residences launched in Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Emaar Beachfront and Downtown Dubai.