{"id":48192,"date":"2017-03-16T00:21:55","date_gmt":"2017-03-15T17:21:55","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=48192"},"modified":"2017-03-15T21:24:15","modified_gmt":"2017-03-15T14:24:15","slug":"deyaar-chief-looks-to-drive-dubai-developers-recurring-income","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/deyaar-chief-looks-to-drive-dubai-developers-recurring-income\/","title":{"rendered":"Deyaar chief looks to drive Dubai developer's recurring income"},"content":{"rendered":"


\nDeyaar’s plans to generate more recurring revenue has come a step closer as the Dubai developer’s nearly 1,000 hotel rooms and serviced apartments will be ready for occupancy by October next year. The company only has a handful of retail units within its asset management portfolio but it is expected to add 198 serviced apartments when its Mont Rose project is complete in November, 347 in its Atria project in Business Bay by January and 408 hotel rooms in Al Barsha by September next year. All of these will be managed by Millennium & Copthorne hotels. “Deyaar since inception has been following one model, which is develop and sell,” Saeed Al Qatami, the chief executive, told journalists on a media tour of projects this week. “[It was] only after the crisis and from the restart of our projects, which is from 2014, when we started developing but not selling.”Mr Al Qatami said that another hotel project is in the pipeline at its Midtown development in the International Media Production Zone. He said he was unsure as to whether or not this will be completed by the time Dubai hosts the Expo 2020 event. The company is focusing mainly on the hospitality element of the market for generating recurring income and on budget three and four-star accommodation. “We don’t want to compete with five-star because I think that segment has a lot of supply,” he said.He said that although the first of these projects is likely to be handed over later this year, he did not expect significant income to be generated from these assets until the second half of 2019. “Most of those income streams – you’re not going to see them in our financials now, you’re going to see them later in 2019-20. Because this is the hospitality sector. The first year of operation always is the foundation and set-up in terms of marketing and all of that.” Alongside the asset-management arm, the company is also looking to build on its property management business, managing about 18,000 buildings mainly for third-party clients. Besides, its three-year-old facilities-management arm generated Dh40 million in revenue last year.”This year, we are looking at about Dh55m to Dh60m,” Mr Qatami said.In January, Deyaar reported a 67 per cent increase in revenue to Dh428.3m for last year, compared with Dh257.1m the previous year, which it attributed to construction progress at the Atria and Mont Rose. Net profit grew by 55 per cent to Dh218.9m.Yet Aymen Soufi, an analyst with the Tunisian equity research company Alpha Mena, said that Deyaar’s profit margins had been volatile in recent years, which “raises some questions regarding earnings sustainability”. “Over the past four years, 77 per cent of the company’s net income [on average] came either from a net reduction of provisions, impairment reversals or other non-cash income, including asset revaluation.”Such items are literally at the management discretion, which, due to their recurrence, makes us question the company’s reporting quality.”He also said that cash flow from operations weakened last year.”Since 2015, the company wasn’t able to generate enough cash from its operations to cover its capex and its debt prepayments,” Mr Soufi said. “Movements in term deposits with an original maturity of more than three months are coming to its rescue, but this can’t be done forever.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Deyaar chief looks to drive Dubai developer’s recurring income<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Deyaar’s plans to generate more recurring revenue has come a step closer as the Dubai...<\/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-48192","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-cxi","jetpack-related-posts":[{"id":47905,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/deyaar-has-plans-for-5-7-million-sq-ft-of-dubai-property-on-the-drawing-board\/","url_meta":{"origin":48192,"position":0},"title":"Deyaar has plans for 5.7 million sq ft of Dubai property on the drawing board","date":"March 14, 2017","format":false,"excerpt":"\r Property developer Deyaar currently has about 5.7 million square feet of potential new project launches in the pipeline, but its chief executive Saeed Al Qatami has said that it plans to hold back on proposed new launches until the right conditions are in place.Mr Al Qatami said that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24549,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-deyaar-starts-work-on-408-unit-hotel-and-apartment-block\/","url_meta":{"origin":48192,"position":1},"title":"Dubai developer Deyaar starts work on 408-unit hotel and apartment block","date":"August 31, 2016","format":false,"excerpt":"\r Deyaar Development has started construction work on its 408-unit hotel and serviced apartment block close to the Mall of the Emirates.Dubai developer Deyaar said that the 70,800-square-foot block is expected to be completed by December 2017.The hotel will comprise 299 hotel rooms and 109 serviced apartments.Deyaar is already developing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-deyaar-looks-to-pull-in-buyers-with-offer-of-guaranteed-returns\/","url_meta":{"origin":48192,"position":2},"title":"Dubai developer Deyaar looks to pull in buyers with offer of guaranteed returns","date":"December 5, 2016","format":false,"excerpt":"\r Dubai-based developer Deyaar has guaranteed annual returns of 7 per cent over two years to investors on one of its Dubai projects. It made the pledge on its serviced apartments in The Atria - a 30-storey tower in Business Bay - which will be managed by Millennium & Copthorne\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41867,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-deyaars-profit-falls-in-2016-in-face-of-challenging-market\/","url_meta":{"origin":48192,"position":3},"title":"Dubai developer Deyaar's profit falls in 2016 in face of 'challenging' market","date":"January 25, 2017","format":false,"excerpt":"\r Deyaar's profit fell by a quarter last year despite rising revenue as the Dubai property developer said it faced a \"challenging\" market.Net profit fell 25.7 per cent to Dh216 million from Dh291 million a year earlier, according to a filing.Deyaar said that company revenue for last year increased 66.5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":171574,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/deyaar-hands-over-1436-homes-and-hotel-apartments-across-three-dubai-projects\/","url_meta":{"origin":48192,"position":4},"title":"Deyaar hands over 1,436 homes and hotel apartments across three Dubai projects","date":"April 21, 2026","format":false,"excerpt":"\r The completed projects include Regalia in Business Bay, Jannat in Dubai Production City and Talia Residences in Al Furjan, covering residential, mixed-use and hospitality-linked units The post Deyaar hands over 1,436 homes and hotel apartments across three Dubai projects appeared first on Arabian Business: Latest News on the Middle\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":133313,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-real-estate-deyaar-to-build-81mn-residential-projects-in-al-furjan\/","url_meta":{"origin":48192,"position":5},"title":"Dubai real estate: Deyaar to build $81mn residential projects in Al Furjan","date":"December 20, 2022","format":false,"excerpt":"\r The three new projects will include residential units and hotel apartments\r \r Source : arabianbusiness.com\r Read more...Dubai real estate: Deyaar to build mn residential projects in Al Furjan","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/Deyaar-Amalia-Residences-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/48192"}],"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=48192"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/48192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=48192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=48192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=48192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}