The Abu Dhabi-listed Aldar Properties has announced a net profit of AED654 million ($178m) for the first quarter of 2016, a 15% rise over the AED571 million reported for the same period last year.

Revenue across the group stood at AED1.23 billion in the first quarter, a 4% rise over the AED1.18 billion in Q1 2015.

The real estate heavyweight sold 320 units worth AED940 million in off-plan developments, which continues to demonstrate demand for its real estate developments in Abu Dhabi, the company said.

Sales included 188 units worth AED324 million in the Mayan, Meera and Al Nareel development projects and 132 units worth AED616 million in the West Yas project.

Gross profit from recurring revenue increased by 10% to AED403 million compared to AED368 million in the same period of 2015, the company added in a press announcement. The rise predominantly reflects the impact of Yas Mall, which is now fully operational.

“Aldar has had a solid first quarter of the year. We have seen strong demand for high-quality real estate products, and our recurring revenue asset portfolio continues to stabilise. Our development and asset management businesses are well matched to underlying demand and our balance sheet remains extremely strong,” said Mohamed Khalifa Al Mubarak, CEO of Aldar Properties.

“We continue to see high levels of interest in quality real estate products among buyers, driving demand for our developments, which offer lifestyle amenities in desired locations such as Yas Island, Shams Abu Dhabi and Al Raha Beach.”

Among new projects launched by Aldar in the first quarter is Yas Acres, an AED6 billion golf and waterfront development with 1,315 villas and townhouses, which was announced in April. The company also launched 144 additional units in its Mayan development in the same month.