Al Ghurair Properties, the real estate development arm of Al Ghurair Investment, has announced significant company growth in 2019 with the doubling of its year-on-year top-line performance, both in terms of turnover and the number of units completed.
In a statement, the developer said that the latest year-on-year performance figures are indicative of its commitment to quality and timely completion, and that its wide portfolio of residential properties respond to UAE residents’ needs.
As part of the major growth in 2019, the developer said it has achieved a number of major milestones, including:
Total development cost for year to date: Dh2 billion
- 11 new development projects have been completed to-date in Dubai during 2019, with a further 23 expected before the end of the year 2020 – this includes a mix of residential and commercial properties.
- The year to year percentage growth of units is 1,842 in 2018 to 3,062 in 2019 with 40% increase in portfolio size.
- The average occupancy rate of 1-year old buildings is 85% with 2,371 new leases.
- Employee growth – Al Ghurair Properties has expanded its team with new hires in 2019, increasing its employee count by 34%.
- 23 new residential and commercial developments are already slated for 2020 and a strong pipeline already established for 2021
On the solid performance, Hamad Al Ghurair, Head of Residential and Commercial said: “For us 2019 has been a great leap forward both in terms of delivery and market presence. Years of planning has finally materialized as we are nearing the completion of delivering phase one of our expansion plan.”
“Phases Two and Three will be delivered during the next 3 years which will double our portfolio size of 2019. We are looking forward for the year 2020 as it presents a massive opportunity for us to benefit from the positive sentiment that has been relayed by government through the introduction of new laws & regulations,” he stated.
The new innovative measures further solidify Dubai’s position as one of the most sought-after places to do live and do business, he added.
Al Ghurair pointed out that its centrally located developments provide a unique living proposition for new and old residents of Dubai.
“All our developments are in areas where Dubai has provided its finest infrastructure in terms of connectivity ease of living , where metro stations, schools, hospitals, and shopping malls are within a 10 minute walking distance from most of our properties, hence our slogan of ‘Live In The Centre’.
“At AGP our main focus is to provide our tenants with innovative property management solutions, and we have recently launched the phase one of our mobile app which will include raising maintenance requests & remotely renewing tenancy agreements. New innovative processes are currently being developed on top of the mobile app to digitize more pain areas for Dubai residents, and we believe that we it will bring us an advantage in our competitive landscape,” Al Ghurair concluded.