Damac Properties, a leading developer of high-end and luxury residential property in the Middle East, said its net profit surged to Dh3.48 billion ($947 million) in the 12 months to December 31, 2014 from Dh2.35 billion ($641.5 million) the previous year.

Commenting on the results, Hussain Sajwani, the chairman of Damac, said: "2014 was a year of continued delivery and expansion of our product range. We launched many new products; and expanded relationships with key brands, an area which has become a cornerstone of the Damac proposition."

During the year,  the developer completed eight projects including Capital Bay, Executive Bay, Cosmopolitan, Waters Edge, The Vogue, Lincoln Park and Lakeside (partial) as well as its first international development, Al Jawharah in Saudi Arabia, which was a testament to its ability to enter new territories and deliver on the platforms that were built by the company in these markets.

Sajwani said a total of 3,553 units were completed and delivered last year with cumulative units delivered till date at 12,866 units.

The launch of Akoya Oxygen was a key milestone during 2014. It is spread over 55 million sq ft with a championship golf course designed by Tiger Woods and operated by the Trump Organisation.

"We also launched the ‘The Drive’ at Akoya by Damac, a 2.5-km retail strip with major retail, entertainment and hospitality attractions such as the first outdoor ice rink, hotels and hotel apartments projects," he added.

Impressed with the results, the company's board of directors has proposed a 10 per cent bonus share issue equivalent to Dh500 million ($136.1 million).

"We are delighted to present such strong results for 2014 which reflect our position at the forefront of luxury real estate in the region. As we embark on a new and exciting journey as a listed company in our home city of Dubai, we look to solidify our position and drive growth for our home owners and shareholders alike," stated Sajwani.

"We have a firm belief in Dubai's fundamentals and see the market maturing and continuing to grow in the coming short to medium term," he added.

On its 2014 strategy, Damac said it had expanded its serviced and hotel apartment offering, and had been quick to capitalise on this growing segment of the market. "In 2014, we opened four hotel apartment developments and have a significant pipeline of 10,000 hospitality keys under development," he stated.

"Against the backdrop of economic growth and a stabilisation of real estate prices in Dubai, we believe that Damac will continue to benefit from customer demand for our product," he added.-TradeArabia News Service