'Destination strategy' boosts Aldar's Q3 finances
Aldar recorded quarterly off-plan development sales worth $272.2m (AED1bn) in Q3 2016, driven primarily by its Yas Acres and Mayan projects
UAE's Aldar Properties has announced that its 'destination strategy' contributed toward its Q3 2016 financial performance.
The development firm's net profit increased 16% to $200.6m (AED737m), up from $173.6m (AED638m), in Q3 2015.
Aldar also recorded quarterly off-plan development sales worth $272.2m (AED1bn), driven primarily by its Yas Acres (pictured) and Mayan projects.
To date, Yas Acres is 90% sold across Phase 1 and Phase 2, and Mayan is 80% sold across Phase 1.
Contracts worth $190.5m (AED700m) were awarded during the quarter for the developer's Al Merief, Al Nareel, and Meera developments, bringing the value of total contracts awarded during the first nine months of 2016 to $789.5m (AED2.9bn).
Remarking on Aldar's financial performance in a statement to Abu Dhabi Securities Exchange, HE Mohamed Khalifa Al Mubarak, the developer's chief executive officer, said: "Aldar’s destination strategy continues to build momentum, with $272.2m in off-plan sales during the third quarter and $789.5m (AED2.9bn) during the first nine months of 2016.
"We continue to see demand for high quality real estate in Abu Dhabi’s prime locations," Al Mubarak added.
The company's gross profit from its recurring revenue assets grew 4%, year-on-year.