Abu Dhabi – Mubasher: Q Properties, a real estate developer and subsidiary of Q Holding, awarded Trojan General Contracting a contract valued at AED 1.75 billion for Reem Hills Phase 1 villas.
Under the agreement, Trojan will construct the fully sold-out 218 luxury villas ranging from 4 to 7BR and develop 3 million square feet (sqft) of built-up area (BUA), according to a press release.
Meanwhile, the development portfolio of Q Properties includes a number of residential, commercial, and retail projects currently in progress.
The ADX-listed company is working to transform the uninhabited expanses into dynamic urban communities to meet the increasing demand for real estate developments in the UAE market.
Mohammed Mahmoud, CEO of Trojan, said: “We are eager to work closely with their team and ensure the Reem Hills vision, which I believe represents an exciting new era for community design in the capital, comes to full fruition.”
“Work will begin on the Phase 1 villas in September 2023,” Mahmoud noted.
In the first half (H1) of 2023, Q Holding registered net profits valued at AED 214.45 million, lower than AED 676.05 million during the January-June 202 period.
Revenues climbed to AED 610.04 million in H1-23 from AED 434.83 million in H1-22, while the basic and diluted earnings per share (EPS) declined to AED 0.03 from AED 0.11.
