Al Ghurair Properties aims to complete 23 projects in 2020
The firm completed 11 development projects in Dubai during 2019, and witnessed aproximately 2,370 new leases
The real estate development arm of Al Ghurair Investment, Al Ghurair Properties, has announced that its company growth in 2019 doubled top-line performance year-on-year, in terms of turnover and number of units completed.
Other milestones for the company include total development cost year-to-date at $544.5m (AED2bn); completion of 11 development projects in Dubai during 2019; a 40% increase in portfolio size with growth of units from 1,842 in 2018 to 3,062 in 2019; and an increase in company hires by 34%.
Al Ghurair Properties clocked an average occupancy rate of 85% for one-year-old buildings with 2,371 new leases.
Going forward, the company has established a strong pipeline for 2021.
The firm intends to complete 23 projects — residential and commercial — by the end of 2020.
Commenting on the company's growth, head of residential and commercial at Al Ghurair Properties, Hamad Al Ghurair, said: "The year 2019 has been a great leap forward in terms of delivery and market presence for us. Years of planning has finally materialised as we are nearing the completion of delivering Phase 1 of our expansion plan."
Al Ghurair added: "Phases 2 and 3 will be delivered during the next three years which will double our portfolio size of 2019. This year presents a massive opportunity for us to benefit from the positive sentiment that has been relayed by the government through the introduction of new laws and regulations. All our developments are in areas where Dubai has provided its finest infrastructure in terms of connectivity and ease of living.
"We have recently launched the Phase 1 of our mobile app which will include raising maintenance requests and remotely renewing tenancy agreement."