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Aldar unveils projects worth Dh5b in Abu Dhabi

Abu Dhabi: Aldar Properties, an Abu Dhabi-based real estate developer, on Monday announced the launch of three major residential developments valued at around Dh5 billion in the prime areas of the UAE capital.

Aldar said that off-plan sales for the three developments will commence in May, and construction is scheduled to begin in 2015. Some of the developments will be located in investment zones where property can be purchased by non-UAE nationals.

The ‘Ansam’ development, the first phase of which comprises 540 apartment units, will overlook the Yas Links golf course on Yas Island, and is set for completion in three years. Aldar will also develop the ‘Al Hadeel’ development at Al Bandar on Al Raha Beach Waterfront, with 230 apartment and town house units.

Representatives from Aldar confirmed that the infrastructure for the development is already ready.

The third development is located on Nareel Island where Aldar will develop land plots for 143 villas where UAE nationals can build their homes. The island is close to Al Bateen area of Abu Dhabi.

“With leasing and sales activity in Abu Dhabi picking up significantly in the last year, this is the right time for Aldar to embark on the next phase of development, with the launch of well-designed projects that respond closely to end-user demand, and support the emirate’s economic progress,” said Mohammad Al Mubarak, deputy chief executive and chief portfolio management officer of Aldar Properties.

He added that the new developments are in locations that are already well-established, and see consumer demand for high-quality residential units. Al Mubarak projected that the developments will be sought after by residents and long-term investors.

Discussing prices, he said that Aldar is still studying prices, and will confirm figures within the next few days.

As for financing of the projects, Abubaker Seddiqi Al Khoury, chairman of Aldar Properties, said the company will not seek funding from banks, saying, “We have plenty of liquidity in the company, and the projects will be self-financed.”

Commenting on the company’s overall development plans, Al Khoury said, “We are currently exploring 23 exciting real estate developments, excluding government projects, three of which have been announced today as part of the next phase of growth [for] our business.”

The projects’ announcement came at a press conference where Al Khoury also discussed Aldar’s merger with Sorouh saying that everything in the integration plan has been finalised including the selection of top management with the only exception being that of CEO. He confirmed, however, that the company is considering different candidates, and should arrive at a decision over the next three months.

Aldar’s latest projects include Yas Mall, which is set to open in November, and is expected to welcome over 15 million visitors annually.