Emaar sells 409 units at Syrian project
UAE developer says work ongoing despite political unrest in Arab state
Emaar Properties, the UAE’s biggest developer by market value, confirmed Tuesday it had sold 409 units in a property project in Syria.
Emaar-IGO, a venture between Emaar Syria and IGO, delivered 315 units at the Eighth Gate project near Damascus in the past six months, the company said in a statement to Dubai bourse, despite widespread political unrest in the Arab state.
“The revenue relating to such units was recognized in the fourth quarter of 2010 and the first quarter of 2011,” it said.
In a previous statement, the company said work continued to progress at a “brisk pace” with more than 600 workers on site.
The builder of the world’s tallest tower said in May that revenue from apartment sales declined 81 percent in the first quarter and 50 percent from villa sales, amid weak property demand.
Syria’s underserved real estate market has attracted a number of Gulf companies keen to expand beyond their domestic markets in the wake of decreasing returns.
Palmyra Real Estate, a unit of UAE property developer Belhasa International, and Majid Al Futtaim Properties are among firms that have announced projects in the Arab country.
But weeks of violent unrest in Syria aimed at ousting long-term President Bashar Al Assad has forced a number of projects to be scaled back or suspended.
Qatari Diar, the real estate arm of the Gulf state’s sovereign wealth fund, said in May it had frozen its projects in the country, pending an end of protests.
The company’s portfolio includes a $350m beach resort in the coastal town of Lattakia.