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Dubai's Damac records $1bn booked sales in H1 2017

Total cash and bank balances during the first-half amounted to $2.3bn, with more than 1,071 units handed over at the Damac Hills master development during the period

Damac launched the Trump International Golf Club Dubai in H1 2017.
Damac launched the Trump International Golf Club Dubai in H1 2017.

Damac Properties Dubai announced its total revenues during the first half of 2017 amounted to $953m (AED3.5bn). 

The developer recorded $435.5m (AED1.6bn) in net profit, with booked sales valued at $1.1bn (AED4bn). 

READ: Arabtec wins $171m Akoya homes contract from Damac

Total cash and bank balances during the first-half amounted to $2.3bn (AED8.6bn), while gross debt amounted to $1.5bn (AED5.4bn), the company stated in a filing to Dubai Financial Market.

Up to 1,071 units were handed over by the company at the Damac Hills master-development in H1 2017, bringing the project's total number of delivered units to 3,100. 

SITE VISIT: Damac Maison de Ville Artesia, Dubailand

The company's Trump International Golf Club Dubai (pictured) was unveiled this February.

Meanwhile, construction of 5,000 villas is underway at Damac's Akoya Oxygen master community in Dubailand, with works for an additional 1,300 villas scheduled to begin this September.

VIDEO: Artesia hotel's construction site in Dubai

Remarking on Damac's financial results, Hussain Sajwani, chairman of the company, said: "“The property market in Dubai continues to demonstrate further stabilisation, and our medium- to long-term outlook remains positive as Damac continues to develop innovative products that appeal to both end-users and investors. 

"Damac's strong H1 sales performance can be attributed to continued demand for a number of our projects, including Aykon City, Damac Hills, and Akoya Oxygen."

READ: Damac clarifies role in $1bn Oman project

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Construction Week - Issue 747
Aug 03, 2019