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Dubai Developer sees decline in sales revenue from villas, commercial units and land

 

By Deena Kamel Yousef, Staff Reporter

 

Published: 17:30 November 18, 2012

 

Dubai: Emaar Properties’ detailed financial statement showed quarterly revenue from apartment sales more than tripled from a year ago in contrast with a decline in sales of villas, commercial units and land.

 

Revenue from apartment sales rose to Dh566.9 million in the three months ending September 30, from Dh183.3 million in the same period last year, the company reported in a breakdown of its revenue on Sunday.

 

Revenue from villa sales dropped to Dh122.8 million from Dh126.4 million in the third quarter compared to the corresponding period last year, while income from the sale of commercial units and land declined sharply to Dh109 million from Dh798.4 million.

 

The three-fold increase in apartment sales coincides with the “noticeable increase” in demand that began in February when select developments, including Emaar projects such as Arabian Ranches and The Greens, saw a rise in prices over the second and third quarter, said Helen Tatham, Director of Residential, at Knight Frank.

 

“The release and 24-hour sellout of serviced apartments at Address Boulevard, Downtown, in September would contribute to a successful Q3 2012 together with a higher demand generally in comparison to Q3 last year,” she said.

 

Commenting on Emaar’s villa sales revenue, she noted: “Commercial units and land transactions have remained more static over the last 12 months but villa sales have increased. The reason behind the small change in year-on-year figures is most probably due to the limited villa stock being offered for sale by Emaar and is not a true reflection of the market.”

 

Going forward, analysts expect a continued trend of successful apartment sales.

 

“A well thought-through release strategy should stand every chance of success going forward,” Tatham said.

 

According to the detailed financial report released on Sunday, the developer’s revenue from condo sales in the first nine months of 2012 reached Dh1.54 billion compared to Dh823.9 million in the corresponding period last year, while villa sales rose to Dh602.5 million from Dh523.5 million.

 

In October, Emaar said that third-quarter profits dropped five per cent to Dh387 million year on year due to “seasonal trends.”

UAE NEWS

Ashghal to award $329.5 million contracts for healthcare projects

Qatar’s Public Works Authority (Ashghal) announced on Wednesday that it would award work contracts worth $329.5 million for seven major projects, including new health centres and additional operation theatres at the Hamad General Hospital.

 

The projects are part of Ashghal’s ambitious $3.90 billion plans for 2013/2014 to develop 124 building projects across Qatar, a report in Gulf Times, a local Doha based newspaper, said.

 

Food sales to exceed $70 billion in Saudi Arabia

Food sales in Saudi Arabia are expected to be worth almost $70 billion by 2016, with food consumption growing at a CAGR of 2.6 per cent from 2012 to 2017.

Saudi Arabia is the region’s biggest food consumer and, according to Alpen Capital, will account for 60 per cent of total consumption by 2017.


While Saudi Arabia is also the region’s largest food producer, representing 74.1 per cent of total production in the GCC, it imports more than $14.2 billion worth of food and beverage products each year to meet its consumption demands. According to BMI’s recent Q1 2013 report this will rise to $35.2 billion by 2020.

$330 million contracts for 7 health projects in Qatar

Qatar’s Public Works Authority ‘Ashghal’ announced that work had started on the construction of seven new healthcare projects with a total value of QR1.2 billion ($330 million).

 

The contracts include the construction of additional operation rooms at Hamad General Hospital, in addition to five healthcare centres at Al Nuaim, Al Muntazah (Rawdat Al Khail), Al Karaana, Al Roda and Al Ghuwairiyah, and the construction of a health and wellness centre in Umm Slal.

 

Qatar's food industry to grow fastest in GCC

Qatar's food production industry accounts for only about 7% of the country's domestic consumption, a new report said yesterday highlighting its dependence on food imports for local needs.

 

In 2010, Qatar produced 0.1mn tons of foods across categories, the GCC food industry report said yesterday.

"Qatar is an important business hub in the GCC. Qatar is more affluent compared to other member countries in GCC with the highest per capita income. With an enviable economic outlook and growing private consumption, food consumption in Qatar is forecast to grow at a compound annual growth rate (CAGR) of 5% up to 2017," the report said.

Ybn Taj Arabia to begin construction in June 2013

Construction of the Taj Arabia, the $1 billion replica of the Taj Mahal, is set to begin by June 2013 in Falconcity, the sprawling mega-project on the outskirts of Dubai, the developer behind the project has announced.

 

In a report by Gulf News, Arun Mehra, director of Link Global, said that the 400 room, five star hotel, would be managed by Leela Palaces, Hotels and Resorts, an Indian based hotel operator with 15 palace hotels.

 

 

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