Emaar Development, the UAE build-to-sell property development business, majority-owned by Emaar Properties, reported property sales of AED14.842bn ($4.041bn) for 2019, amid a challenging business environment.
The company recorded net profit of AED2.700bn ($735m) with a revenue of AED12.746bn ($3.470bn) for the same period.
Emaar Development launched 22 new residential developments in 2019 across various master plans in Dubai, of which 70% were sold resulting in a sales backlog of AED33.608bn ($9.150bn) signifying the revenue to be recorded within the next three to four years.
The company handed over approximately 6,500 residential units in 2019 at prime locations including Dubai Hills Estate, Dubai Creek Harbour, Arabian Ranches and Downtown Dubai.
Mohamed Alabbar, chairman of Emaar Properties and Emaar Development said: “Emaar’s customer-centric approach is what propels us forward year after year during uncertain market situations. We are driven by the insights from our investors and residents alike and actively listen and respond to their expectations. With this in mind, we keep expanding our portfolio to broaden our customers’ living experiences by introducing innovative products and new masterplans.”
The company in 2019 unveiled South Beach, a premium residential waterfront holiday home development; Grand Bleu Tower, the first Elie Saab designer building in the world; Sirdhana at Mina Rashid, a new sailing destination; and five new projects in Dubai Creek Harbour, the six square kilometre mega-development, described as ‘The World of Tomorrow’.
In addition to waterfront properties, residential communities Sun, Joy, Spring and Ruba were launched in Arabian Ranches III – a premium gated community.
‘The Valley’ masterplan along with its first community ‘Eden’ were announced in the last quarter of 2019. As Emaar’s latest masterplan development, The Valley is designed based on extensive research into future dwelling trends ensuring Emaar stays relevant to rapidly evolving customer expectations.
At Dubai Hills Estate, Emaar brought Executive Residences, Golf Grove, Golfville and Emerald Hills to the market. Expo Golf Villas, including Parkside and Greenview, in Emaar South were also introduced with a sell-out investor response.
Emaar is listed as number 14 among the world’s strongest real estate companies in 2019, with an estimated brand value of AED9.9bn ($2.7bn) according to a new ranking by Brand Finance.