real estate

August 15, 2018

Dubai real estate developer Union Properties swung to a second quarter net profit from a year-earlier loss as costs fell and gains on fair valuations of investment properties boosted income.

Net profit attributable to the company’s shareholders for the three months ending June 30 reached Dh24.7 million compared with a Dh2.29 billion loss a year earlier, the company said on Tuesday in a statement to the Dubai Financial Market, where its shares are listed.

Gains on valuations of properties in the second quarter rose to Dh120.67m from a valuation loss of Dh2.1bn"...

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August 15, 2018

Emaar Properties’ net profit rose 18 percent to AED 3.344 billion ($910 million) in the first half of 2018, bolstered by strong growth in its development and malls businesses, it was announced on Tuesday.

According to the results, Emaar’s net profit for H1 2018 after considering the impact of the IPO of Emaar Development is AED 2.981 billion ($812 million), 5 percent more than the same time period the previous year.

The company’s revenue for the first six months of 2018 was AED 11.474 billion ($3.124 billion), 46 percent higher than H1 2017’s"...

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August 15, 2018

Developers in Dubai have launched 9,034 units, both apartments, villas and townhouses, year to date in 2018, according to data released by GCP-Reidin. This compares to a total of 46,893 units launched across the whole of 2017.

The decline in the number of launches is a result of the demand and supply imbalance caused by excessive construction activity in recent years, resulting in oversupply.

'In turn, property take-up rates have fallen, leading to a decline in sales prices, translating into lower potential profit margins for developers. As a consequence, some developers are delaying coming to the market,' explains Ivana Gazivoda Vucinic, head of consulting and valuations and advisory"...

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August 14, 2018

Following the success of the flagship Safaqat project in Hatta, whereby 640 villas were retrofitted with solar rooftop panels, Dubai is now extending this innovative approach across additional buildings and villas.

The Safaqat programme will support the implementation of solar rooftop panels on buildings across the UAE, with demand coming from Hatta and residential villas in Dubai.

Safaqat is the solar revolution enabler for the UAE and falls under the Shams Dubai initiative which aligns with Dubai’s integrated energy strategy, DIES 2030, the UAE National Energy"...

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August 14, 2018

Emaar Development, property development arm of Emaar Properties, reported a net profit of Dh1.82 billion during the first six months of 2018, an increase of 68 per cent compared to Dh1.08 billion during the same period last year.

The company said revenue for the first six months of the year was Dh6.99 billion, underpinned by the progress in construction and timely project delivery. This is 119 per cent more than the H1 2017 revenue of Dh3.19 billion.

It reported total sales of Dh6.23 billion during H1 2018. Emaar now has a total sales backlog of over Dh38.50 billion,"...

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August 13, 2018

Azizi Developments, one of the leading private developers in the UAE, has announced an attractive 50/50 payment plan for its premium project, Azizi Grand located at Dubai Sports City, which boasts of units with starting prices at Dh390,000 ($106,160).

Azizi Grand will consist of 431 apartments comprising 238 studios, 140 one- and 53 two-bedroom units, all of which include balconies.

Spread across 48,365 sq m, the building possesses a dramatic architecture that resembles four towers merging into one and features two swimming pools and six panoramic-view elevators, said the developer.

The project is located on Al Fay Road and is within proximity to Dubai Motor City, the Els Club, Victoria"...

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August 12, 2018

Dubai Investments, a leading, diversified investments company listed on the Dubai Financial Market, has announced that the new campus of its wholly-owned subsidiary University of Balamand Dubai [UOBD] is fully complete and ready to welcome students strating from next month.

The UOBD campus, spread across 8,000 sq m at Dubai Investments Park [DIP], offers the most-modern classrooms, three laboratories for science subjects and one for engineering besides faculty and administrative offices.

"...

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August 9, 2018

The decision to seize Schon Properties’ assets is only “the tip of the iceberg”, with more enforcement likely from Dubai Land Department (DLD) against defaulting developers, the head of Beaver Gulf has claimed.

“There are some developers who are at the same default levels as Schon,” Rajesh Kumar Krishna, chairman and chief executive officer of the Dubai-based contractor, said in comments published by Construction Week Online.

DLD"...

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August 9, 2018

Private sector developers are steadily handing over projects in Dubai. One such boutique developer is Aurora Real Estate which has handed over its development in Jumeirah Village Circle (JVC) and is now gearing up to deliver another project in International City this year.

Only seven units remain to be sold in the Dh168 million Hyati Residence which features 20 townhouses and 122 apartments. More end-users have purchased units in this project, say its promoters.

'JVC offers a gross yield of 9.2 per cent, Discovery Gardens 8.9 per cent and International City offers 8.6 per cent. Other global property hubs offer yields less than five per cent,' said Cian Farah, CEO of Aurora Real Estate"...

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August 8, 2018

Aldar announced its financial results for the first half of 2018, delivering a resilient underlying performance across the business.

According to a press statement, gross profit in the second quarter of 2018 increased by 20 percent to AED649 million compared to AED542 million in 2017.

Commenting on the results, Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said, 'Aldar delivered a solid underlying performance for the first half of 2018 alongside a number of landmark announcements. In the development business, we launched a new masterplanned community"...

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