(MENAFN- Khaleej Times)
Emaar Development achieved its highest property sales during the first half (January to June) of 2022, underpinned by recent successful launches creating value for the future.
Property sales for H1 2022 is increased by 10 percent to Dh15.216 billion (US$4.143 billion) compared to Dh13.825 billion (US$3.764 billion) in H1 2021.
During first half of 2022, the build-to-sell property development business majority-owned by Emaar Properties launched 15 projects in various master plans.
In the first six months of 2022, Emaar Development reported EBITDA of Dh2.564 billion (US$698 million), an increase of 15 percent compared to the first six months of 2021 and revenue of Dh7.282 billion (US$1.983 billion).
Due to this exceptional performance, Emaar now has a robust sales backlog of Dh32.753 billion (US$8.917 billion), which will be recognised as future revenue for the business.
'Our unwavering determination to deliver premium projects to the market, cashflow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2 2022. Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master-planned developments, which has enabled us to achieve our strongest first-half growth on record in 2022,' an Emaar spokesperson said.
Emaar Development has delivered over 3,100 residential units during first half of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of June 2022, Emaar has delivered more than 55,100 residential units, with over 26,100 residences currently under development in the UAE. — Wam
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