Emaar Development to handover 8,500 residential units by year end

Over 24,500 residential units are currently under construction across its various masterplans, Emaar Development has announced at its Annual General Meeting (AGM). The build-to-sell (BTS) asset unit of master developer Emaar also noted that around 8,500 units are scheduled for delivery later this year.

According to a statement, Emaar Development delivered more than 4,700 residential units in 2021 across prime locations including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar South and Emaar Beachfront. The firm also stressed that it remained committed to delivering quality homes and communities to its customers and residents, while ensuring that all future projects are completed within its stated time frames.

“Emaar Development is extremely proud to be the industry leader in development and construction and we remain committed to delivering our highly anticipated upcoming projects within the stated timeframes. Our success and year-on-year profit is due to the diligence of our shareholders, management and highly skilled staff and we look forward to continuous growth and success through digital innovation and the adoption of future-forward concepts,” said Emaar Properties founder Mohamed Alabbar.

At the AGM, its board of directors reflected on the company’s 2021 robust performance and resilience during a time of great economic recovery from disruption caused by the COVID-19 pandemic. The firm is said to have achieved property sales of $7.471bn in 2021, up 335% over the previous year, while its net profit surged 96% to hit $883mn. It noted a sales backlog of $7.791bn which will be recognised as revenue in the coming years.

The post Emaar Development to handover 8,500 residential units by year end appeared first on Middle East Construction News.

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