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July 12, 2024

Emaar Development to deliver 8,500 residential units in 2022

Emaar Development, the build-to-sell (BTS) assets unit of Dubai master-developer Emaar, has announced that over 24,500 residential units are currently under construction across its various masterplans and is set to deliver around 8,500 units later this year.

Announcing this at its Annual General Meeting (AGM), Emaar Development said it has already 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.

A leading developer of residential and commercial BTS assets in the UAE, Emaar Development 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.

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.

Emaar’s BTS assets unit had reported property sales of AED27.44 billion ($7.471 billion) in 2021, up 335% over the previous year, while its net profit surged 96% to hit AED3.244 billion ($883 million).

The company continued to maintain a healthy sales backlog of AED28.616 billion ($7.791 billion) which will be recognized as revenue in the coming years, it added.

On the record-breaking performance, Emaar Properties Founder Mohamed Alabbar said: “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,” he added.