{"id":43502,"date":"2017-02-09T18:58:08","date_gmt":"2017-02-09T11:58:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=43502"},"modified":"2017-02-09T16:20:21","modified_gmt":"2017-02-09T09:20:21","slug":"union-properties-profit-fell-by-half-in-2016","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-fell-by-half-in-2016\/","title":{"rendered":"Union Properties profit fell by half in 2016"},"content":{"rendered":"


\nUnion Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn in 2015.In a brief statement accompanying its accounts, Union Properties aid that it had managed to increase the size of its total asset base by Dh138m during the year to Dh8.43bn. It also said that shareholders’ equity increased by 4 per cent to Dh216m.During the year, the company kicked off its Dh450m Oia Residences project in Dubai Motor City, holding a groundbreaking ceremony in May alongside its appointed contractor China State Construction Engineering Corporation (CSCEC). CSCEC Middle East president Yu Tao told The National that the project, consisting of 269 apartments, is on a fast-track schedule.”The project is now coming to the completion of the structure. I think that by the end of this year the whole project will be handed over. We are very satisfied with the performance of our team,” he said.Union Properties is also expected to start work on its delayed five-tower Vertx scheme in Motor City later this year. Speaking at the Cityscape Global conference in September, general manager Ahmed Al Marri said it plans to restart the project by “the middle of 2017”.A report published earlier this week by property broker Chestertons indicated that apartment prices in Dubai dropped by 3 per cent year-on-year in 2016, and villa prices fell by 6 per cent. On average, rents fell by 3 per cent across the city during the year.Robin Teh, UAE country manager for Chestertons Mena said: “Real estate prices dropped at a slower rate during 2016 as the ripple effect of global and economic uncertainty continued to impact the market in Dubai. We expect this to continue into the first half of 2017 and prices to remain flat.”mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Union Properties profit fell by half in 2016<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Union Properties has announced a 51 per cent decline in full-year profits for 2016 to...<\/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-43502","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-bjE","jetpack-related-posts":[{"id":43500,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-falls-by-half-in-2016\/","url_meta":{"origin":43502,"position":0},"title":"Union Properties profit falls by half in 2016","date":"February 9, 2017","format":false,"excerpt":"\r Union Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32717,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cscec-to-build-part-of-damac-hotel-project\/","url_meta":{"origin":43502,"position":1},"title":"CSCEC to build part of Damac hotel project","date":"November 2, 2016","format":false,"excerpt":"\r Damac Properties has awarded the China State Construction Engineering Corporation (CSCEC) a Dh554 million contract to build part of its second Paramount Hotel project in Dubai.CSCEC, the world's third-largest construction company, said it had been awarded the main work contract to build 27 floors of serviced flats of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26394,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-delayed-dh1-1-billion-vertx-project-to-start-next-year\/","url_meta":{"origin":43502,"position":2},"title":"Union Properties' delayed Dh1.1 billion Vertx project to start next year","date":"September 18, 2016","format":false,"excerpt":"\r Ahmed Al Marri, the general manager of Dubai-based Union Properties, has said the developer is hoping to start its delayed five-tower Vertx scheme in Motor City by the middle of next year.The developer had initially launched the Dh1.1bn, 1.3-million-square foot project at Cityscape Global in 2014, proposing a start\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-hires-china-state-to-build-dh450m-motor-city-scheme\/","url_meta":{"origin":43502,"position":3},"title":"Union Properties hires China State to build Dh450m Motor City scheme","date":"May 2, 2016","format":false,"excerpt":"\r Union Properties has appointed China State Construction Engineering's (CSCEC) Middle East arm to build its Dh450 million Oia Residences project in Dubai's Motor City. Union Properties' chairman, Khalid bin Kalban, said yesterday at a ceremony to mark the start of construction that although the project is being launched in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43147,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cscec-aiming-for-summer-2018-finish-at-viceroy-dubai-site-hit-by-fire\/","url_meta":{"origin":43502,"position":4},"title":"CSCEC aiming for summer 2018 finish at Viceroy Dubai site hit by fire","date":"February 7, 2017","format":false,"excerpt":"\r China State Construction Engineering Corporation's Middle East unit is working hard to get the Viceroy Dubai project it is building alongside developer Skai Holding at Jumeirah Village Circle back on track following a fire at the site last year, according to its Middle East chairman. The 60-storey tower project\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43145,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-state-construction-confident-that-funding-deals-will-secure-more-middle-east-work\/","url_meta":{"origin":43502,"position":5},"title":"China State Construction confident that funding deals will secure more Middle East work","date":"February 7, 2017","format":false,"excerpt":"\r The Middle East unit of China State Construction Engineering Corporation (CSCEC) expects to secure more work in the region by tapping resources from Chinese banks and credit agencies as the company targets up to Dh1 billion in revenue this year, according to its chairman. The company has existing relationships\u2026","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\/43502"}],"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=43502"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43502\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}