Property giant Emaar is currently rolling out one new project every week in 2014 across Dubai – with sources suggesting the trend could continue throughout the year.
A remarkable seven new projects have already been announced in the first eight weeks of this year, beginning with the “Lila” Spanish coastal villas in Arabian Ranches. A week later the Vida Residence in Downtown Dubai was announced, followed by the “Boulevard Point” homes, also in Downtown Dubai. On January 26 it announced the “Rasha” villas in Arabian Ranches, followed a week later by “Yasmin”, also in Arabian Ranches. The “Mira Oasis” townhouses, close to Arabian Ranches, and the “Mulberry at Park Heights” in Mohammed Bin Rashid City were announced in the last three weeks.
Sources close to the company suggest Emaar may carry on the current rate of launches for much of this year, with revenues on each launch sometimes hitting close to AED1bn ($272m). It is not known whether these would all be focused on Dubai, or across the UAE.
Last week the company reported a 48 percent jump in fourth-quarter net profit, as it benefited from a renewed real estate and tourism boom in the emirate.
Dubai's largest real estate developer posted a quarterly profit of AED756m ($206m), compared with AED512m in the corresponding period of 2012, the company said in a statement.
Analysts in a Reuters poll had predicted on average a net profit of AED622m.
Emaar, the developer behind the iconic Burj Khalifa - the world's tallest building - said its total value of sales in Dubai for 2013 was AED12bn, nearly three times the amount in 2012.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.