Abu Dhabi-based Aldar Properties, a leading property development company, has posted a gross profit of Dh1.29 billion ($351 million) for the first half (H1) of 2017, as against Dh1.23 billion in H1 2016, marking a rise of five per cent.

The company recorded an H1 2017 revenue of Dh2.93 billion supported by revenue recognition on developments under construction (H1 2016: Dh2.93 billion), while its net profit edged down to Dh1.26 billion as against Dh1.31 billion.

Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: “Aldar has delivered a solid set of results for the first half of the year. Robust occupancy across our portfolio of investments demonstrates our resilience as an asset manager and the success of our most recent residential development, The Bridges, clearly shows there is strength in the Abu Dhabi property market. The unprecedented response to The Bridges, which sold out in a matter of weeks, showcases the opportunities presented by the mid-market and supports our strategy to continue to focus on this segment.”

“The Abu Dhabi Government’s unveiling of a Dh12 billion development plan for Yas Island will accelerate its transformation into a global urban, entertainment and business hub. Aldar is pleased to have been chosen to develop the Dh1 billion media and entertainment zone in the project, set to become home to thousands of working professionals who will further enrich the Yas Island destination,” he added.

In April, Aldar launched its 1,272-unit, Dh1.3 billion mid-market residential development, The Bridges, on Reem Island. The launch met with a very positive response, with all three towers released to the market sold out in weeks. This contributed to Aldar’s Dh1.8 billion of development sales value during the first six months of 2017.

During the second quarter, twofour54 appointed Aldar as the strategic real estate partner of the Abu Dhabi Media Zone Authority, to develop a new, permanent home as part of a Dh12-billion development on Yas Island. Already a leading entertainment, leisure and residential destination, the development of twofour54’s media zone further enhances Yas Island’s desirability as a place to do business. In addition, it is set to attract 5,000 working professionals from the media sector, further building the Yas Island community.

Demonstrating the continued activity on properties under development, Dh2.2 billion of construction contracts have also been awarded year to date for Yas Acres and Mayan.

Three key developments, Ansam, Al Hadeel and Nareel Island, are set for handover from Q4 2017, with construction entering the final stages. Al Merief, Meera, Mayan, Yas Acres and West Yas are all progressing well and on track for their respective completion dates.  – TradeArabia News Service