{"id":11766,"date":"2016-05-02T01:18:45","date_gmt":"2016-05-01T18:18:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=11766"},"modified":"2016-05-01T23:43:05","modified_gmt":"2016-05-01T16:43:05","slug":"rak-properties-income-rises-despite-slow-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-income-rises-despite-slow-market\/","title":{"rendered":"RAK Properties income rises despite slow market"},"content":{"rendered":"


\nRAK Properties, the developer backed by the Ras Al Khaimah Government, has posted a 25 per cent profit increase for the first quarter despite a slowing property market in the Northern Emirates. The Abu Dhabi-listed group said on Sunday profit for the first three months of the year increased to Dh18.5 million, up from Dh14.8m from a year earlier.The profit rise came after a 54 per cent increase in sales as revenues grew to Dh71.5m, up from Dh46.7m a year earlier, thanks to the handover of completed villas at the Flamingo Villas project in its Mina Al Arab master-planned development.In a statement accompanying the accounts, Mohammed Sultan Al Qadi, RAK Properties’ managing director and chief executive, said that 157 Bermuda villas and a second phase of 57 Flamingo villas at Mina Al Arab were under construction.He said the company had started to operate its Lagoon marina, a lifestyle marina at Mina Al Arab aimed at driving footfall to the shops and cafes in the company’s Lagoon Walk development.Mr Al Qadi said the company had secured bank finance for two development projects expected to begin this year: the Julphar Residence, a 24-floor tower planned for Reem Island in the capital, which was originally announced in 2008; and a 250-room eco-hotel in Mina Al Arab, which will be managed by Minor Hotel Group.RAK Properties said that it was also looking to press ahead with the development of 205 flats in Mohammed Bin Zayed City in Abu Dhabi, which would range from studios to two-bedroom flats. It is also planning to build a five-star hotel at Mina Al Arab. The company said it had settled a Dh92m loan that matured in January. RAK Properties launched Mina Al Arab, a housing complex spread over 43 million square feet, in May 2006 but was forced to put more than Dh1 billion worth of projects on hold as the global financial crisis hit the industry in 2009.The real estate markets in all of the UAE’s Northern Emirates slowed at the end of last year as Dubai’s property slump and the effect of low oil prices hit sales, according to brokers.”The overall negative sentiment in the Dubai market has affected sales in the Northern Emirates, which remained slow,” said John Stevens, the managing director of the real estate services company Asteco.”This was especially evident in Ras Al Khaimah, which historically benefited from good levels of demand for its master-planned developments, as they were considered a better value for money option compared with Dubai.”RAK Properties shares remained unchanged at 56 fils on Sunday.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…RAK Properties income rises despite slow market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RAK Properties, the developer backed by the Ras Al Khaimah Government, has posted a 25...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11766","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-33M","jetpack-related-posts":[{"id":4295,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-up-2-7-to-dh160-million-in-2015\/","url_meta":{"origin":11766,"position":0},"title":"RAK Properties profit up 2.7% to Dh160 million in 2015","date":"February 10, 2016","format":false,"excerpt":"\r \r Net profit at RAK Properties, the developer backed by the Ras Al Khaimah government, increased by 2.7 per cent last year.The Abu Dhabi-listed company on Wednesday posted a net profit of Dh160 million for 2015, up from Dh155.7m the previous year as it handed over villas at its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43835,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profits-from-mina-al-arab-handovers\/","url_meta":{"origin":11766,"position":1},"title":"RAK Properties profits from Mina Al Arab handovers","date":"February 12, 2017","format":false,"excerpt":"\r RAK Properties, the developer backed by the Ras Al Khaimah government, posted a 9.1 per cent increase in profit last year as the company benefited from handing over properties at its Mina Al Arab development in RAK despite a slowing property market. The Abu Dhabi-listed developer said its profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53323,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-first-quarter\/","url_meta":{"origin":11766,"position":2},"title":"RAK Properties profit 61% higher in first quarter","date":"April 30, 2017","format":false,"excerpt":"\r Profit at RAK Properties more than doubled in the first three months of 2017 compared with a year earlier as the company benefited from handing over properties at its Mina Al Arab complex.The Abu Dhabi-listed property developer said that profit increased to Dh39.9 million from Dh18.5m a year earlier\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53325,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profit-61-higher-in-the-first-quarter\/","url_meta":{"origin":11766,"position":3},"title":"RAK Properties profit 61% higher in the first quarter","date":"April 30, 2017","format":false,"excerpt":"\r Profit at RAK Properties more than doubled in the first three months of 2017 compared with a year earlier as the company benefited from handing over properties at its Mina Al Arab complex.The Abu Dhabi-listed property developer said that profit increased to Dh39.9 million from Dh18.5m a year earlier\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33270,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-to-build-homes-in-central-business-district-of-abu-dhabi\/","url_meta":{"origin":11766,"position":4},"title":"RAK Properties to build homes in central business district of Abu Dhabi","date":"November 6, 2016","format":false,"excerpt":"\r RAK Properties, backed by the Ras Al Khaimah Government, has become the second major developer to announce plans to build homes in Abu Dhabi's long-awaited new central business district.On Thursday, RAK Properties announced that it had committed to building 205 apartments in the new Madinat Zayed city development close\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83969,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/anantara-mina-al-arab-on-target-for-2020-opening-says-rak-properties\/","url_meta":{"origin":11766,"position":5},"title":"Anantara Mina Al Arab on target for 2020 opening, says RAK Properties","date":"March 28, 2018","format":false,"excerpt":"\r Brand View: RAK Properties posted profits of over $52m in 2017\r \r Source : arabianbusiness.com\r Read more...Anantara Mina Al Arab on target for 2020 opening, says RAK Properties","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11766"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=11766"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11766\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=11766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=11766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=11766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}