Dubai – Mubasher: DAMAC Properties Dubai confirmed having a development site on Abu Dhabi’s Al Reem Island, according to a bourse filing on Sunday.

This project is currently awaiting approvals and will have a sales value of around AED 1 billion, the developer revealed.

Media reported on Thursday that DAMAC had completed architectural designs of a developmental project with construction set to begin in the coming months.

The luxury developer reported a net profit plunge from AED 1.28 billion in Q1-14 to AED 792.8 million in Q1-15.

The company was listed on the Dubai Financial Market (DFM) on 12 January, marking the first listing in 2015.