(MENAFN - Khaleej Times) Sorouh Real Estate is completing the construction of 7000 property units, which will be delivered by the end of next year.
"The current flight to quality with Abu Dhabi real estate leaves us well positioned to deliver an exciting project pipeline of some 7,000 units between now and the end of 2013," Abubaker Seddiq Al Khouri, managing director of Abu Dhabi-based property developer, said while announcing first-quarter financial results on Sunday.
The real estate firm's revenues grew more than doubled year-on-year to almost Dh1 billion.
Net profit was up 22 per cent year-on-year, representing a continued strengthening of sustainable recurring income from Sorouh's investment portfolio and revenues from its National Housing projects.Revenues from National Housing projects significantly increased, generating Dh62 million in gross profits in the period.
Revenues from investment properties grew 14 per cent year-on-year to almost Dh50 million in the period ended March 31. Almost all sold units for Sun & Sky Towers have now been handed over contributing to the earnings.
Al Khouri, said: "The results have given a strong start to 2012 and reflect the strength and maturity of our business. We continue to diversify our revenue streams which will support the quality of our earnings over the medium to long term."
Shams Abu Dhabi
The hand-over of sold units at Sun & Sky Towers is almost complete and leasing of residential and commercial units is progressing well. Over 900 families now live at the development. The Gate Towers are advancing rapidly and are now 75 per cent complete. At present, two of the four sections of the penthouse bridge structure have been raised and locked in place.
This will house the unique penthouses at the Gate Towers. Sorouh has completed the infrastructure on Shams Abu Dhabi, with 12 sub-developer plots under construction. Three sub-developer projects are expected to be completed in 2012.
The development is progressing well, with infrastructure at an advanced stage. The development is on track for phased completion and delivery at the end of 2012 through Q1 2013.
Construction at the Watani development is progressing well, and phases one and two are on track for completion in 2012. Construction work continues on Sorouh's two other National Housing projects, at Ghuraiba in Al Ain and Al Sila'a in the Western Region.
The 1,537 units are nearing completion and will be ready for occupancy in 2012. Supermarket/delicatessen Maybury has signed as anchor retail tenant along with other Food & Beverage concepts. Sorouh is in talks with several organisations on possible bulk deals for residential units.