Solidere registers $112 million property sales in first two months 20202 min read

English/إقتصاد عام

Real estate giant Solidere said in a report released Tuesday that it has sold over $112 million worth of properties in the first two months of 2020 which could explain the reasons behind the rise in the stocks of the company on Beirut Stock Exchange over the past few months.

For the year 2019, total sales contracts reached $250,122,600 to be fully or partially achieved during 2019.

As for 2020, total sales contracts reached $112,789,400 up to end of February of this year.

Solidere said total sales in 2019 and the first two months of 2020 reached $362,912,000.

Solidere A and B shares traded slightly over $9 per share Tuesday.

Brokers said that many investors and citizens apparently preferred to unlock their bank accounts and buy properties.

“There was significant demand for Solidere shares since the start of the anti-government protests in Oct. 17, 2019. These investors wanted to unlock their bank accounts and invest the money in properties. But I am not sure if this trend will continue amid the spread of coronavirus in Lebanon,” one broker told The Daily Star.

He added that banks allowed their customers to buy properties as long as the money was spent only in Lebanon and not transferred abroad.

The company said in a statement to the BSE that there was false information being circulated about Solidere’s sales since the beginning of 2019.

“In this regard, Solidere is interested in clarifying the truth and publishes the exact numbers of sales operations that have been signed and whose revenues will be achieved during 2019 and 2020.

“Solidere assures that it will publish periodically the amounts of signed sales contracts in order to confirm the accuracy of the information circulated,” the company said.

Solidere said it recorded a profit of $42.14 million in the first half of 2019 compared to losses of $99 million in the same period of 2018.

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