Booked sales more than double as developer basks in boom
Its figures showed net profits increasing from
"The continued economic recovery in our core market (of
Speaking to Khaleej Times, Sajwani said strong sales in the first quarter of 2014 had contributed to another good performance from Damac and a highly profitable start to the year, as well as a substantial growth in net assets.
"We are pleased with the first quarter results, which reflect the continued resurgence in the
"We continue to see solid levels of demand in the luxury market, which is reflected in the growth in rental levels and residential values. We continue to look for suitable new land parcels ensuring we can provide supply to meet demand."
"This growth will sustain demand for further residential property, both from owner occupiers and in the rental market, as well as for hotel and leisure space," said Sajwani.
"We have responded to this by reweighting our development portfolio to include a greater proportion of hotel and serviced hotel apartment projects, which now represent 40 per cent of our total pipeline," he said.
Sajwani said after successfully closing a
"The new launches which we have brought to market post-Q1, including the serviced apartments brand Naia by Damac and the first officially-certified Shariah-compliant project in
The leading developer of high-end and luxury residential property in the
The developer said booked sales more than doubled year-on-year to
In the first quarter, 577 units were completed and delivered, with estimated total deliveries for 2014 of between 4,000 and 5,000 units, Damac said.
Operating profit increased by 76 per cent to
Damac's development portfolio stood at
During the first quarter, total assets stood at
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