Emaar Properties’ subsidiaries Emaar Development and Emaar Malls have reported strong revenue growth during the first quarter of 2018.

Emaar Development recorded 95 per cent growth in revenue and Emaar Malls a 24 per cent increase.

Emaar Development, a build-to-sell property development business, had revenues of AED3.27bn ($890m) during the first quarter of this year compared with AED1.67bn during the same period in 2017.

Emaar Development launched the sale of over 2,500 residential units during the first quarter. It recorded sales of AED3.91bn during the first three months of the year, and now has a total backlog of AED41bn and a delivery pipeline of over 27,200 residential units in the next four to five years.

The company reported a 62 per cent growth in net profit to AED819m during the first quarter of this year compared with AED506m during the first quarter of 2017.

For Emaar Malls, revenue for the first three months of 2018 was AED1.038bn compared to AED836m in the first quarter of 2017. The company says this is primarily due to the consolidation of Namshi revenue in 2018.

Emaar Malls recorded a net profit of AED548m during the first quarter, similar to AED539m during the same period last year.

Gross leasable area (GLA) occupancy levels were robust at 95 per cent across Emaar Malls' portfolio.