02062016Sat
Last update: Sat, 06 Feb 2016 05am

Real Estate

Business & Finance - Real Estate

DUBAI: Abu Dhabi's Sorouh Real Estate, which is eyeing a state-backed merger with rival Aldar Properties, posted a 30-percent rise in quarterly net profit riding on revenue from government projects and higher rental income. Sorouh, the second largest property developer by market value in Abu Dhabi, made a first-quarter net profit of 83.6 million dirhams ($22.76 million) compared with 64.3 million dirhams in the same period in 2011, it said in a statement on the Abu Dhabi bourse Sunday. However, the earnings missed forecasts of four analysts who average expected net profit of 87.83 million dirhams for the quarter, according to a Reuters poll. Quarterly revenue doubled to 967.2 million dirhams, with revenue from national housing projects generating 62 million dirhams in gross profit for the quarter. The developer said it was on track to reach its target of 500 million dirhams of recurring income by 2014. Sorouh, which entered into merger talks with ...

Business & Finance - Real Estate

ABU DHABI: Aldar Properties, Abu Dhabi's struggling developer currently in merger talks with rival Sorouh Real Estate, more than doubled its first quarter net profit on land and residential unit sales to the government. The builder of the Yas Marina Formula One Circuit said in a statement on Saturday that it made a net profit of 478.2 million dirhams ($130.2 million) compared to 189.1 million dirhams in the same period in 2011. Analyst estimates for the company ...

Business & Finance - Real Estate

DUBAI: Dubai's Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million. The Bahamas-based Kerzner International has been in talks with creditors to restructure $2.6 billion in mortgage debt. In August, the Wall Street Journal said the proceeds from Dubai's Atlantis resort sale would go toward paying down a portion of the mortgage ...

Business & Finance - Real Estate

TOKYO: Housing starts in Japan rose 5.0 percent in March from a year earlier, posting a second straight month of increase, government data showed on Friday, helped in part by rebuilding efforts in the northeast region battered by last year's earthquake and tsunami. The rise compared with economists' median forecast for an 8.1 percent annual increase. Copyright Reuters, 2012 ...

Business & Finance - Real Estate

BEIJING: Chinese banks lent 242.7 billion yuan ($38.5 billion) worth of property loans between January and March, down 54 percent from a year earlier, data from the central bank showed on Wednesday. The drop follows a 38 percent decline in 2011 and suggests Beijing is scoring success in tightening lending standards for real estate developers and buyers to rein in a red-hot housing market. Strong public discontent over China's home prices, which hovered stubbornly near record levels ...