Emaar Development, the leading build-to-sell property development business, majority-owned by Emaar Properties, achieved strong performance during the first nine months (January to September) of 2021, with a strong contribution by exceptional inventory sales, and reinforced by recent successful launches creating value for the future.
The developer reported its highest ever property sales of AED21 billion ($5.702 billion) in the first nine months of 2021, regitering an increase of 382 percent compared to the same period last year.
During the first nine months, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence and Beach Mansion in Emaar Beachfront, Caya and Bliss in Arabian Ranches III, and Nara in The Valley.
During the January to September period, Emaar Development reported a net profit of AED2.384 billion ($ 649 million) and revenue of AED11.604 billion ($3.159 billion), up 75 and 63 percent respectively compared to the first nine months in 2020.
Emaar now has a sales backlog of AED28.471 billion ($7.751 billion), which will be recognised in the future as revenue for the business.
"The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the UAE. Through the development of our exceptional lifestyle destinations, we are able to offer world-class residential choices, which stand out for their design, build quality and amenities, to our customers," said a company spokesman.
"These developments also serve as dynamic hubs, with outstanding amenities, including diverse retail and hospitality options, which energise the economy and create new jobs and business opportunities. Our successful strategy unlocks the true potential of our property development business, with the aim of delivering long-term value for our shareholders, as we continue to focus on consistently strengthening our core competencies," he added.
Emaar Development has handed over more than 3,700 residential units during the first nine months across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Dubai Marina and Emaar South.
As of September, Emaar has delivered more than 51,000 residential units, with over 25,000 residences currently under development in the UAE, it added.-TradeArabia News Service