Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, recorded a 62 per cent growth in net profit to Dh819 million ($223 million) during Q1 (January to March) 2018 compared to Dh506 million ($138 million) in Q1 2017.

Announcing the results for the first three months, Emaar Development said the revenue grew by 95 per cent to Dh3.27 billion ($890 million) compared to Dh1.67 billion ($455 million), reflecting strong construction progress focused on timely delivery.

The company recorded sales of Dh3.91 billion ($1.06 billion) in the first three months of the year and now has a total backlog of Dh41 billion ($11 billion). This highlights the company’s strong fundamentals and robust delivery pipeline of over 27,200 residential units in the next four to five years.

In Q1 2018, Emaar Development launched the sale of over 2,500 residential units across its mega-developments with overwhelming response from investors within UAE and international markets.

On the solid performance, Chairman Mohamed Alabbar said: "With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders. This is demonstrated by the growth of the business and focus on delivering high quality projects and service with our customer-first approach."

"With our new developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy," he noted.

In key launches during Q1 2018, Emaar Development unveiled Emaar Beachfront, a private gated island destination in the Arabian Gulf, offering residents the opportunity to experience Miami beach style living in Dubai.

The launch of the first project Beach Vista was a sell-out success with strong investor response for subsequent project Sunrise Bay together recording total sales of over Dh1.35 billion ($368 million).  With pristine views of the Arabian Sea and providing exclusive access for residents to a 1.5 km private beach, the new 10 million sq ft Emaar Beachfront destination brings a never-before lifestyle choice to Dubai.

With the continued demand for residences in Dubai Creek Harbour, the mega-development nearly two-and-a-half times the size of Downtown Dubai, Emaar Development launched The Grand, an exclusive collection of ultra-luxury apartments, penthouses and podium-level townhouses.

Emaar also marked significant progress in the construction of Dubai Creek Tower, the new icon in the heart of the mega-development. As of now, 90 per cent of the pile cap work has been completed, said the company in a statement.

At Emaar South, a joint venture with Dubai South, Emaar Development launched Saffron, its first garden townhouse community. Emaar South offers a mix of tiered townhomes, townhouses, villas and apartments. It is only minutes away from Al Maktoum International Airport and 10 minutes away from the home to the Expo 2020 Dubai, it stated.

Emaar Development also launched an innovative concept for co-living with Socio and Collective in Dubai Hills Estate, next-door to the upcoming Dubai Hills Mall. Socio recorded sell-out response and Collective witnessed strong customer demand. The functional spaces in these projects encourage a connected and collaborative environment that appeals to entrepreneurs, creatives, professionals and families.

Strengthening partnerships to leverage the real estate development opportunities, Emaar and Aldar announced their joint venture to develop the world’s next era of iconic destinations that will shape the UAE’s ever-evolving skyline. The JV has a targeted Dh30 billion development pipeline with an initial focus on two projects in Abu Dhabi and Dubai, said the statement.

Emaar Development has over 10 mega-developments in its portfolio, and its strategy is to maintain its leadership role in prime residential real estate in Dubai, draw on its significant land bank and partner with leading entities to create sustained value for its shareholders, it added.-TradeArabia News Service