Emaar Q2 apartment sales reach $190.4m

Real estate developer saw revenue decline from commercial units and plots, while villa sales also slipped

Emaar Properties has said its revenue from apartment sales has more-than-doubled in the second quarter, offsetting a drop in sales of commercial units and villas.

The developer of the world’s tallest tower, Burj Khalifa, made $190.4m from the sale of condominiums in the second quarter, compared to $72.3m in the same period a year earlier.

In contrast, revenue from commercial units and plots during the period declined to $31.6m from $162.4m, while villa sales slipped by about 3% to $88.6m.

Emaar’s hospitality division made $86.2m during the quarter, compared with $77.3m in the corresponding quarter in 2011.

Revenue from apartment sales for the first six months of the year jumped to $265.6m from $174.4m in the prior-year period.

The total revenue rose slightly to $571.75m from $544.5m, the company said.

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