New Abu Dhabi residential schemes by Aldar Properties have a total value of $1.4bn
Abu Dhabi-based Aldar Properties has launched three new major residential developments in the UAE capital worth a combined total of AED5bn ($1.4bn).
The Ansam development the first phase of which comprises 540 golf course-view apartment units will overlook the Yas Links Golf Course on Yas Island. Just across the bay from Yas Island, Aldar will develop the Al-Hadeel development at Al-Bandar on the Al-Raha Beach Waterfront. The scheme will contain 230 apartments and townhouse units.
Both developments are located in investment zones where property can be purchased by non-UAE nationals.
The third development, Nareel Island, consists of two islands each comprising of 143 waterfront villa plots for UAE nationals to build bespoke homes. The development is located next to the Emirates Palace hotel and Etihad Towers development on Abu Dhabi island, overlooking the Arabian Gulf.
Offplan sales for the three developments will commence in May, and construction is scheduled to begin in 2015.
Following the successful completion of the integration process after the Aldar-Sorouh merger, we have focused all of our efforts on the implementation of our strategy, said Abubaker Seddiq al-Khoori, chairman of Aldar Properties. 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 of our business. All our future [projects] will be carefully developed in line with market demand in Abu Dhabi. This exciting pipeline of real estate developments showcases our ability to monetise our land bank to increase cash flows, grow our recurring revenues and create value for our shareholders.
In March, Aldar said its current pipeline of national housing projects being built for the Abu Dhabi government totals 2,300 units, with a combined development value of AED5.7bn, including infrastructure.
The current projects under development include 1,020 villas on Yas Island, 996 villas in Al-Falah, and 275 villas at Al-Ghuraibah in Al-Ain.
In 2013, the companys yearly profit grew 67 per cent to AED2.25bn, driven by the merger with Sorouh Real Estate and the handover of units at key residential developments.
In late 2013, the developer handed over 199 units at its Gate Towers development in Shams Abu Dhabi and also completed the handover of the World Trade Centre (WTC) Mall. The company recently signed a 25-year agreement to operate the WTC complex.
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