UAE's RAK Properties reports 13% decline in 9M 2017 revenue

UAE's RAK Properties reports 13% decline in 9M 2017 revenue
Northbay Residence is one of RAK Properties' projects in the UAE.
Published: 5 November 2017 - 12:37 a.m.
By: Neha Bhatia

The UAE's RAK Properties posted a 13% decline in its revenues for the first nine months (9M) of 2017. 

For the 9M period, ending on 30 September, 2017, the developer posted revenues worth $73.5m (AED270m), a decline against 2016's 9M revenues worth $83m (AED305m). 

Additionally, the firm's 9M net profit amounted to $20.4m (AED75m) this year, a marginal drop compared to 2016's 9M net profit figures, worth $21.5m (AED79m). 

The group's total assets amount to $1.4bn (AED5.11bn), RAK Properties said in a missive issued to the Abu Dhabi bourse. 

RAK Properties' active schemes include the Northbay Residence Tower in Hayat Island, which was launched at Cityscape Global 2017.

Other projects being implemented by the developer include Gateway Residence at its Mina Al Arab community in Ras Al Khaimah, and the Julphar Residence at Abu Dhabi's Reem Island. 

Northbay Residence Tower, a 3,623m2 development, will be completed by 2020. 

Comprising one-, two-, and three-bedroom apartments, as well as duplex units, the tower will be surrounded by amenities such as restaurants, shopping options, parks, walkways, and gardens. 

Designs for the development's one- and two-bedroom apartments focus on functionality and modernity. 

The project's three-bedroom apartments feature open spaces and spacious living areas, and its duplex homes will offer high-end furnishings. 

Meanwhile, Hayat Island is a 55.7ha mixed-use project that will feature food and beverage, shopping, and recreational offerings, in addition to hospitality and residential options, in Ras Al Khaimah.  

Hayat Island's residential component comprises 2,457 apartments, split as 1,152 one-bedroom, 985 two-bedroom, and 320 three-bedroom units.

Townhouses and villas will also be developed as part of the project’s residential component.

A five-star InterContinental-branded hotel, featuring 351 rooms, will also be developed within the project, in addition to 200 serviced apartments, and two more hotels, according to a press statement by RAK Properties.


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