Bahrain-based Investate Realty posted revenue of $27.5 million in the first nine months of this year, making a profit of $18 million, which translates to a 22 per cent annualised return on paid-up capital.

"The results are a testimony to Investate's vision of sustaining growth by expanding operations locally and internationally," said Investate chairman Dr Habib Al Mulla.

"I am happy to say that we are heading in the right direction with strong focus on delivering the desired results. The future of Investate is bright and I am confident of the outlook."

In just under one year of operations, Investate has launched four real estate development projects in the GCC and Central London with a combined value of $1.9 billion.

"The two projects in Dubai, the Octavian at the Business Bay and Beachfront Living in the Dubai Waterfront are progressing well," said chief executive officer Salah Nooruddin.

"We have sold 70 per cent of our Octavian project and 50 per cent of our Beachfront Living project. With the strong pre-sale of both projects, we were able to return 10 per cent of the invested capital to our shareholders in September.

"We are eagerly looking forward to commencing work on our Bahrain acquisition with our partner and development manager Omniyat Properties. The $400 million high-end residential development is situated in the Bahrain Financial Harbour District".

Investate has recently acquired a 4.5 acre prime waterfront property on the bank of the River Thames in Central London at an attractive entry price, taking advantage of the prevailing market conditions.

Investate plans to carry out a £350 million mixed-use development comprising high-end residential units, a five-star hotel, commercial and retail space surrounding the onsite marina.

"The London project, Tideway Wharf, is a shining star in our portfolio especially considering the stature of London as a global business hub," added Nooruddin.

"The recent announcement on the move of the US Embassy to the Nine Elms site near the Tideway Wharf will add significant value to the area and underpins the development potential of the site." - TradeArabia News Service