14 August, 2019

Dubai's Damac starts delivery of Akoya residential units

Property developer delivered 1,476 units in the first half of 2019

DAMAC Welcomes the First Residents of AKOYA

DAMAC Welcomes the First Residents of AKOYA

Damac / Handout via Zawya

14 August 2019
Dubai-based property developer DAMAC Properties announced on Wednesday that it has delivered 1,476 units in first half of the year including the first ever handover in Akoya, the company's largest master development

In a press statement announcing its half yearly results, the developer said it is in the process of handing over 315 units in the Claret cluster within Akoya to customers.

The statement said DAMAC also completed two other projects in Dubai namely Ghalia and Tower 108.

Zawya reported on Wednesday that the developer registered a 90.53 percent drop in net profit for the first half of 2019. The report said the company's first half net profit amounted to 81.63 million dirhams ($22.22 million) compared to 862.06 million dirhams in the previous year period.

Company Chairman Hussain Sajwani said in the statement that company would continue to focus completing and handing over projects in its development pipeline in 2019.

In June, the company had announced the launch of a new residential project Zada in Dubai's Business Bay area.

In May, it said it had completed the handover of 727-unit Ghalia residential project in Jumeirah Village Circle (JVC) community.

DAMAC has delivered 26,000 homes so far since commencing operations in 2002, the press statement noted.

(Writing by Syed Ameen Kader; Edited by Anoop Menon)


Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal

© Thomson Reuters Projects News 2019