Aldar sees big demand for residential project
Abu Dhabi, January 21, 2014
Abu Dhabi-based Aldar Properties, a leading listed property developer, said that more than 180 units at Gate Towers on Shams Abu Dhabi were leased or sold in the first month of a marketing campaign launched in December.
While the new leases will help grow the recurring revenues of Aldar’s leasing portfolio, the unit sales, which generated approximately Dh100 million ($27.2 million) in revenues, will help fund new and future growth, a company statement said.
“This significant sales and leasing activity reflects the quality of the development and the compelling community living proposition on Shams Abu Dhabi,” said Mohammed Al Mubarak, deputy CEO at Aldar.
“This also marks an important moment in the return to growth of the real estate market in Abu Dhabi. We are witnessing a significant rise in demand for quality housing which is driving sales and leasing activity.
“We have seen a significant jump in sales and leasing contracts at Gates Towers as reflected in recent real estate broker reports which indicate that Shams Abu Dhabi and the wider Al Reem Island is the best performing area in the capital,” he added.
“Shams Abu Dhabi also enjoys investment zone status while being in close proximity to Abu Dhabi Island and the new central business district, Sowwah Square. We are seeing a number of sub-developers launching construction works on Shams Abu Dhabi and the recent announcement giving owners of properties in investments zones freehold ownership of their properties is another compelling reason to invest in properties on Shams Abu Dhabi,” Al Mubarak concluded.
The wider Shams Abu Dhabi community is coming to life as sub-developers increase their activity and help shape the community. Aldar has handed over more than 190 units and to date there are more than 100 families living there. Most recently, Arabtec Construction announced that it was awarded the contract to build the second phase of the Gate Towers, which includes the fourth and final Gate Tower as well as the Arc, in accordance with Aldar’s master-development plan.
This positive announcement is another clear example of the sought after demand for properties on Shams Abu Dhabi. In addition to Aldar’s own projects and facilities, there are a total of 98 sub-developments planned on Shams Abu Dhabi. Eight of these have been completed, another eight are either already under construction or will commence in 2014-2015, and 61 have designs which have either been approved by Aldar or are currently under review.
According to real estate broker Cluttons’ most recent ‘Abu Dhabi property market update’ report, high-end apartments on Al Reem Island as a whole retained their position as the best performing segment of this market, with average capital values climbing 9.3 per cent.
The report added that buyer demand is being underpinned by a combination of factors, which is contributing to the upward pressure on values. – TradeArabia News Service