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LOOKING GOOD: Local realtors enjoy good results
After months of writing about the “cursed/troubled” property sector, Kipp is rather pleased to be writing this article. The numbers are in for this quarter and it would seem the property sector is finally bouncing back.
April 29, 2012 3:47 by kippreport
Let’s start off with Emaar Properties: reporting a 44 percent rise in its Q1, Emaar sold 158 residential units in the first quarter – exceeding more than Dh650 million in sales. Emaar’s more fruitful operations included its developments in the retail and hospitality sector, leading to a profit of Dh606 million. Emaar is also in the news after reports of an auction of an “entire corporate floor above the 110th floor” of the Burj Khalifa surfaced. According to The National, the entire floor is being offered by an American property auction portal -Freedom Realty Exchange- with bids starting at Dh19.9 million. As per regulations set by RERA, any auction of property should first be approved. And though Emaar denies listing the Burj Khalifa in any kind of auction, a spokesperson for Freedom Realty Exchange described the auction as “completely legitimate”.
On to Abu Dhabi, where top property developers in the capital announced impressive results this quarter. Sorouh Real Estate posted a 30 percent rise in the first quarter with net profit amounting to Dh83.6 million – a significant jump from the Dh64.3 million profit it posted in the same period in 2011. There have been talks of a government merger between Sorouh and Aldar for some time now, which is why it is interesting to note that Aldar posted a profit of Dh478.2 million this quarter. Revenue for this quarter amounted to Dh3.58 billion – but it is important to note the government support worth almost Dh36.73 billion the developer has been receiving.
And finally, Dubai’s Istithmar World has bought a 50 percent stake of the Atlantis on the Palm from Bahamas-based Kerzner International Holdings for Dh918 million ($250 million). The move comes after Kerzner International held talks with creditors to restructure $2.6 billion in mortgage debt.