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Damac Properties posts net profit of Dh1.05b in first quarter

Dubai - Developer expects to deliver 2,700 to 3,000 units across portfolio in 2016

Damac Properties on Monday reported a net profit of Dh1.05 billion and revenues of Dh1.62 billion for the first quarter of 2016.
Damac chairman said: "We remain very positive on the future of the real estate sector in Dubai, and expect very healthy progress as further infrastructure investment leads developments through 2020."
The Dubai developer anticipated that circa 2,700 to 3,000 units will be delivered across the portfolio in 2016. In the first quarter, 306 units were delivered in the Damac Maison Royale The Distinction project in Business Bay, it added.
During the March quarter, booked sales reached Dh2 billion, in line with Q4 2015, and 5 per cent growth from the lows of Q3 2015, which shows continuous good interest in Damac products and the Dubai market, the company said.
Sajwani commented: "The Dubai market is defying the skeptics. The levels of interest, activity, transaction values and volumes are solid. .. new product launches across the market are garnering global attention and further consolidating Dubai's position as a global metropolis."
The chairman added: "Our own contribution to this landscape AYKON City is adding to our portfolio of projects offering exceptional luxury living experiences and sound investment opportunities to the international investment community."
"We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centers around the world. This outperformance is underpinned by a stringent and efficient regulatory framework which supports the Government's vision to create a sustainable city which enhances the experience for those living, working and visiting Dubai," he added.
 
Expansion
Damac continued to bring new products to market with the introduction of AYKON City, a four-million-square-foot development comprised of six towers, located on Sheikh Zayed Road and overlooking the Dubai Canal.
AYKON City is a new landmark at the heart of Dubai's exciting landscape and prime area on Sheikh Zayed Road, at the intersection of Safa Park, and introduces the first all-suite AYKON Hotel with "AYKON Dare," an adrenaline fuelled tourist attraction.
This city within a city will also comprise a Damac Maison Royale serviced hotel residences, an apartment tower, an office tower, as well as two ultra-premium and exclusive 30-storey residential towers overlooking the Dubai Canal and Safa Park.
Sajwani said: "At Damac, we have developed a market leading brand firmly positioned in the luxury real estate sector. Adding to this business model that is focused on returns and sales channel innovation, we have powerful differentiators that will support a continued pipeline of unique products with a range of properties and offers to address most sub-segments of our target customers."
-abdulbasit@khaleejtimes.com