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Damac acquires Dubai land plots from Dico, Soor Foodstuff

The $77.5-million transaction includes the acquisition of plots in Dubai's Al Sufouh and Business Bay neighbourhoods

Damac Properties is a listed property developer in Dubai [representational].
Damac Properties
Damac Properties is a listed property developer in Dubai [representational].

Damac Properties said in a missive to Dubai Financial Market (DFM), where it is listed, that it had acquired two plots in Dubai's Al Sufouh and Business Bay neighbourhoods from Dico Properties and Soor Foodstuff Co through a transaction valued at $77.5m (AED285m). 

The move is "in continuation of the company's approach to acquire prime plots in distinctive areas to expand its land bank for new innovative developments in the future", Damac said in its DFM statement. 

The developer posted a 90.5% decline in H1 2019 net profits, which dropped to $22.2m (AED82m) from $234.7m (AED862.1m) in the same period last year, with the company having delivered 1,476 units in the first half of this year.

In a stock market missive this August, the developer recorded revenues of $517.4m (AED1.9bn) in the first half of 2019, while booked sales topped $490.1m (AED1.8bn) in the same period.

Damac noted completion on two of its projects in Dubai including 727-unit Shariah-compliant Ghalia and 34-storey Tower 108 in Jumeirah Village Circle. The company’s Akoya master development Akoya saw the delivery of 315 units in the Claret cluster in the first half of the year.

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Construction Week - Issue 753
Nov 09, 2019