RAK Properties Targets Record Home Handovers By Year-End Despite Sales Slowdown

(MENAFN- Khaleej Times) RAK Properties reported revenue of Dh809.72 million and a net profit after tax of Dh111.37 million for the first nine months of 2026, as the developer prepares to make more than 1,400 homes ready for handover by the end of the year.

Gross profit stood at Dh312.59 million, with operating profit of Dh150.22 million and EBITDA of Dh202.71 million. Earnings per share were Dh0.037.

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Total assets rose modestly to Dh8.9 billion, while current assets increased to Dh2.93 billion. Capital and reserves grew marginally to Dh6.05 billion.

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The sales backlog stood at Dh3.18 billion, up from Dh2.88 billion a year earlier, giving the developer visibility on future revenue.

Sales declined during the period, with 260 units sold for a combined Dh476 million. The company attributed the slowdown to regional volatility and a recalibrated launch calendar.

The average ticket price per unit rose to Dh1.83 million from Dh1.65 million a year earlier. Selling rates softened slightly year on year but held largely steady at Dh1,916 per sq ft, as the developer chose not to discount indiscriminately.

RAK Properties said it began re-engaging international buyers in the latter part of the third quarter through its brokerage partners, including roadshows in western and central Europe.

Sameh Muhtadi, CEO of RAK Properties, said the handover target“would be a record year” for the company.

“With major infrastructure projects progressing, and the positive sentiment driven by the Wynn's anticipated opening next year, we are optimistic about what lies ahead for the Emirate,” he said.

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said the company was“well placed to advance our growth plans” with total assets of Dh8.9 billion.

Handovers accelerate

The developer made 748 homes available for handover in the period across Bay Residences 2, Granada Extension and Bay Views. A further 691 homes, including those at Beach Houses and Cape Hayat, are expected to be ready in the fourth quarter.

It handed over 356 homes to customers in the nine months, spanning apartments, villas and townhouses across projects including Bay Residences, Granada, Marbella, Gateway 2, Lagoon Buildings, Malibu, Flamingo and Bay Views.

Completing this cycle, which began in 2022 and 2023, will let the company focus on an Dh5.4 billion gross development value pipeline launched from 2025.

With more than 5,000 homes in various stages of planning, design, development and delivery, the company continued to award construction contracts across Mina.

RAK Properties plans to relaunch The Strand, and its first community, Lunara on The Strand, in early 2027. It will also release its Four Seasons-branded residences and hotel in the first half of next year.

The company holds about 924,862 sq m of undeveloped land across Mina and The Strand at Marjan Beach, equal to 1.44 million sq m of potential gross floor area.

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