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Thu 24 Oct 2019 01:54 PM

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Damac seals $77.6m deal for plots in Dubai's Al Sufouh and Business Bay

Property developer has bought the land from Dico Properties Co and Soor Foodstuff Co

Damac seals $77.6m deal for plots in Dubai's Al Sufouh and Business Bay

Damac delivered 1,476 units in the first half of the year compared to 1,490 units during the same period last year.

Damac Properties has bought two plots of land in Al Sufouh and Business Bay, Dubai for AED285 million ($77.6 million).

A statement to Dubai Financial Market revealed the purchase was made from Dico Properties Co and Soor Foodstuff Co.

It said: “The acquisition comes in continuation of the company’s approach to acquire prime land plots in distinctive areas to expand its land bank for new innovative developments in future.”

Damac’s Q2 profit fell 87 percent amid declining revenue, having dropped to AED50.6 million, down from AED378.2 million in the same period last year.  The developer's revenue fell to AED971.1 million, a drop of 45 percent.

"We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Hussain Sajwani, chairman of Damac Properties, said earlier this year.

He added that the company will continue to focus on deliveries this year.

Damac delivered 1,476 units in the first half of the year compared to 1,490 units during the same period last year. The handovers included the first for its largest master development Akoya, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers.

The company also completed two of its projects in Dubai, Ghalia and Tower 108.

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