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Tue 14 Jan 2020 09:28 AM

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Abu Dhabi developer Imkan reveals 300% sales increase in 2019

Wholly-owned subsidiary of Abu Dhabi Capital Group is involved in 26 mixed-use projects worth AED100bn

Abu Dhabi developer Imkan reveals 300% sales increase in 2019

Imkan CEO Walid El Hindi

Abu Dhabi developer Imkan has revealed a 300 percent increase in sales for 2019 compared to the previous year.

The wholly-owned subsidiary of Abu Dhabi Capital Group is involved in 26 mixed-use projects worth AED100bn in the UAE, Egypt and Morocco, Sri Lanka, the Seychelles and Montenegro.

Imkan CEO Walid El Hindi had previously labelled 2019 for the company as the ‘year of delivery’.

Over the last 12 months he oversaw the delivery of 151 units at its projects in Egypt; and at Villa Diyafa, a luxury hotel in Morocco with 37 units, a further 27 were added as part of an expansion; while properties will start being delivered at Nudra, a beachside community consisting of 37 villas within Abu Dhabi’s Saadiyat Island, at the end of February.

Surge in sales

Explaining the surge in sales, El Hindi told Arabian Business it was down to becoming a more established name in the market.

He said: “Year on year we have achieved a 300 percent increase in sales. It comes from the fact that, of course, we’re a year older and we have been able to show people that we’re a serious developer as people go to our sites and visit and see the construction and see the quality and the long-term vision that I’m talking about and understand this USP that I’m talking about. It takes time.

“We have really focused on the way we market our project and we rely a lot on word of mouth, we rely on our customers themselves to become our ambassadors. That is important.”

El Hindi also said it was about standing out from the rest in what is a crowded market – there are over 124,000 units scheduled for delivery by the end of 2021.

He added: “As far as supply and demand, there’s so many reports out there that dive into this, but for me I always look at the USP. There are so many projects that look just like each other and that is the problem. There’s so many projects that are just real estate projects, like bricks and mortar.

“But there aren’t many projects that have a story and that have a USP that adds to the framework of a city, that adds to the community that people live in, that adds to you as a customer that lives in that place as a resident.

“That is what’s missing. We don’t have a lot of those. If you have that, not matter what the market is, you will stick out. That’s why we’ve just had our best year yet in 2019, in terms of sales.”

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