{"id":44137,"date":"2017-02-14T17:29:45","date_gmt":"2017-02-14T10:29:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-to-focus-on-mid-market-this-year\/"},"modified":"2017-02-14T23:52:46","modified_gmt":"2017-02-14T16:52:46","slug":"aldar-to-focus-on-mid-market-this-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-to-focus-on-mid-market-this-year\/","title":{"rendered":"Aldar to focus on mid-market this year"},"content":{"rendered":"


\nAldar Properties said on Tuesday that it expects earnings from property sales to fall this year as the company focuses on building mid-market homes.Abu Dhabi’s largest listed developer forecasts about Dh3 billion worth of sales in 2017, down from Dh3.5bn in 2016.Aldar said that it continued to expect to launch about 1,500 units a year into the market, but added that this year it would focus on building mid-market housing at its Reem Island and Yas Island communities.”We are still seeing strong demand in the affordable housing segment and there is low penetration in terms of what is being offered,” Talal Al Dhiyebi, Aldar’s chief development officer, said.It also reported that fourth-quarter profit declined marginally as it faced “headwinds” in the emirate.Aldar’s net profit for the final three months of 2016 dipped 1 per cent to Dh728 million from Dh735m a year earlier as the company reported a “softer operating market”. Aldar also reported that revenues for the quarter increased 27.3 per cent to Dh1.4bn from Dh1.1bn a year earlier.”We are seeing some headwinds in the market right now,” said Greg Fewer, Aldar’s chief financial officer.The company made provisions and impairments of Dh100m during the fourth quarter of 2016 owing to falls in the market value of the company’s recurring revenue portfolio.Aldar’s rental portfolio includes its 235,000 square metres Yas Mall, nine hotels, nearly 5,000 homes and more than 200,000 square metres of offices spread across Abu Dhabi.Aldar said that occupancy at Yas Mall stood at 94 per cent, while the company’s residential portfolio was 92 per cent occupied – something Aldar described as “a strong performance in the face of a challenging macroeconomic environment”. The company’s office portfolio was 95 per cent occupied, while hotel occupancy stood at 77 per cent.”All in all these were a pretty strong set of results with full- year results beating analysts’ forecasts,” said Majd Dola, an analyst at Al Ramz Securities. “Property prices in Abu Dhabi have dropped in 2016 and we are expecting further dips in 2017, so it is normal for developers to make these sort of provisions in this situation.”For the full year Aldar said that net profit grew 8.6 per cent to Dh2.78bn from Dh2.56bn a year earlier. The company said that revenues for the year grew 36 per cent to Dh6.23bn from Dh4.58bn a year earlier.Aldar shares closed on Tuesday up 0.39 per cent at Dh2.58.__________________________________Earnings reports\u25a0 ADIB fourth-quarter profit lower on bad debt provisioning\u25a0 Quarterly profit slips 9% for Amanat Holdings\u25a0 Arkan Building Materials annual profit declines 25%\u25a0 Damac Properties’ fourth-quarter net profit rises 1.3%\u25a0 Drake & Scull’s 2016 net loss narrows to Dh787 million\u25a0 Du fails to offset royalty payment rise as profit falls\u25a0 Emaar Properties fourth-quarter net profit up 56%\u25a0 Etisalat profit edges up on growing UAE revenue\u25a0 Manazel Real Estate profit rises 16% in second half\u25a0 Marka will continue with cost-cutting after second straight annual loss\u25a0 Union National Bank’s fourth-quarter profit rises 29%, missing forecasts__________________________________lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Aldar to focus on mid-market this year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aldar Properties said on Tuesday that it expects earnings from property sales to fall this...<\/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-44137","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-btT","jetpack-related-posts":[{"id":44059,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-fourth-quarter-profit-falls-1-per-cent-amid-softer-operating-market\/","url_meta":{"origin":44137,"position":0},"title":"Aldar fourth-quarter profit falls 1 per cent amid 'softer operating market'","date":"February 14, 2017","format":false,"excerpt":"\r Fourth-quarter profit at Aldar Properties fell marginally compared with a year ago as the capital's largest listed developer complained of facing \"headwinds\" in the Abu Dhabi market.Aldar reported that net profit for the final three months of 2016 fell 1 per cent to Dh728 million from Dh735m during the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44063,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-fourth-quarter-profit-dips-1-per-cent-amid-softer-operating-market\/","url_meta":{"origin":44137,"position":1},"title":"Aldar fourth-quarter profit dips 1 per cent amid 'softer operating market'","date":"February 14, 2017","format":false,"excerpt":"\r Fourth-quarter profit at Aldar Properties fell marginally compared with a year ago as the capital's largest listed developer complained of facing \"headwinds\" in the Abu Dhabi market.Aldar reported that net profit for the final three months of 2016 fell 1 per cent to Dh728 million from Dh735m during the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-properties-expects-lower-2017-sales-after-flat-q4-profit\/","url_meta":{"origin":44137,"position":2},"title":"Aldar Properties expects lower 2017 sales after flat Q4 profit","date":"February 14, 2017","format":false,"excerpt":"\r Aldar to focus on developing 'mid-market products' in 2017, says CEO\r \r Source : arabianbusiness.com\r Read more...Aldar Properties expects lower 2017 sales after flat Q4 profit","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-aldar-sets-sights-on-yas-and-reem-projects\/","url_meta":{"origin":44137,"position":3},"title":"Abu Dhabi developer Aldar sets sights on Yas and Reem projects","date":"March 21, 2017","format":false,"excerpt":"\r Aldar Properties expects to invest Dh1.9 billion in developing four new projects on Reem Island and Yas Island in Abu Dhabi as part of the company's plans to boost its recurring revenue. Abu Dhabi's largest listed property developer said on Monday in a statement it plans to build a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-maintains-its-aim-at-abu-dhabi-mid-market-property\/","url_meta":{"origin":44137,"position":4},"title":"Aldar maintains its aim at Abu Dhabi mid-market property","date":"April 17, 2017","format":false,"excerpt":"\r Aldar Properties will continue its focus on the price-conscious Abu Dhabi investor with the launch at a property exhibition in the capital today of its second mid-market off-plan housing project. Abu Dhabi's largest listed developer said yesterday that it plans to build 1,272 homes on Reem Island with prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54209,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-and-property-sales-keep-aldar-profit-ahead-of-forecast\/","url_meta":{"origin":44137,"position":5},"title":"Land and property sales keep Aldar profit ahead of forecast","date":"May 9, 2017","format":false,"excerpt":"\r The Abu Dhabi developer Aldar Properties compensated for a drop in government income in the first quarter of this year by boosting property and land sales. In a statement to the Abu Dhabi bourse on Tuesday, Aldar said that profit attributable to shareholders stood at Dh636 million in the\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\/44137"}],"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=44137"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44137\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}