By: Amr Adel
Dubai-Mubasher: Damac Properties seeks to boost its sales in China to account for 15% of its total sales by 2017, according to the developer’s managing director Ziad El-Chaar.
The company is mainly focusing on China for being one of the largest Asia markets, El-Chaar said, adding that there is an official data showing that 130 million Chinese citizens desire to get one residential unit outside their country.
In November 2015, Damac announced a strategic collaboration with Qfang, one of China's biggest real estate and financial services companies.
The real estate developer arranged 130 roadshow events in foreign markets in the first eight months of 2016, El-Chaar told Mubasher on the sidelines of Cityscape Global 2016.
Damac plans to launch a lease portfolio for the first time since its establishment to promote the sustainable growth of its revenues, yet this step will not be taken this year, the managing director noted.
Delivery of units goes according to plan without any delays, he said, adding that Damac targets to hand over 2,700-3,000 units by the end of 2016. The developer plans to deliver two property projects in Saudi Arabia and Qatar within the coming 12 months.
Around 90% of the company’s investments exist in Dubai, while the remaining is distributed among countries abroad.
The company's business is mainly focused on the real estate markets of Dubai, Abu Dhabi, Riyadh, Jeddah and Qatar.
Translated by: Julian Nabil
