Emaar Properties PJSC (EMAAR) rose to the highest level in more than three years after a report that units made available at a new Dubai residential development sold out in one day, supporting the developer’s profit outlook.
Shares of the company with the heaviest weighting on Dubai’s index advanced 2.7 percent to 4.60 dirhams, the highest intraday level since October 2009, at 1:24 p.m. in the emirate. Emaar boosted Dubai’s benchmark DFM General Index (DFMGI) 1.2 percent to 1,814.41, the highest intraday level since April 2010. The stock is the fourth-best performer on the DFM General Index this month, gaining 23 percent.
Emaar, developer of the world’s tallest skyscraper, said last week it started a new luxury hotel project in Downtown Dubai amid increasing demand for high-end properties. The Address Residence Fountain Views, which will comprise 280 apartments, sold all units made available at a first offering yesterday, Khaleej Times reported, citing unidentified people.
Emaar Rises to 3-Year High on Property Sales Report: Dubai Mover - Bloomberg
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