Abu Dhabi developer Aldar Properties has reported a 39 per cent increase in its gross profit for the first quarter of this year, according to a company statement.

The developer’s gross profits hit $205m in the first quarter of 2017 from $148m in the same period last year.

The company statement also added that that revenues also grew by 28 per cent to $430m, driven by off plan sales of key projects under construction.

For the first three months, Aldar had awarded AED2.3 billion ($626 million) worth of construction contracts for its Yas Acres and Mayan projects.

Aldar has also announced the launch of an $816m investment programme, the statement said.

In April this year MEED reported that Aldar will appoint a main contractor for a new AED1.3bn ($350m) residential project by the second half of this year, according to the company’s chief development officer, Talal al-Dhiyibe.

Aldar officially launched what it has called a “mid-market” residential scheme at Reem Island during this year’s Cityscape event in Abu Dhabi.

The Bridges project will comprise six residential buildings made up of 1,272 units. The company is looking to retain three of the buildings and sell the other three, said al-Dhiyibe. He also told MEED that the company is looking to focus on the asset management side of its business moving forward.

US firms Aecom and Perkins+Will are serving as consultants on the scheme, which is set for completion by the first quarter of 2020.

Construction is expected to start by the end of this year. The project will be financed with the company’s existing funds and no new debt will be raised, said al-Dhiyibe.