Aldar project fully leased ahead of schedule
Abu Dhabi, June 29, 2014
Abu Dhabi-based Aldar Properties said its Al Rayyana residential gated community, located next to Abu Dhabi Golf Club, is now fully let, well ahead of schedule and after six months of being on the market.
Al Rayyana is a gated community comprising 1,537 apartments across 33 low-rise residential buildings providing ideal housing solutions to families strategically located with easy access to Sheikh Zayed Road (E10), Al Ain Road (E22) and Abu Dhabi International Airport.
The lease agreements have been signed with individual and corporate tenants from a range of sectors. Divided into long-term, medium-term and annual leases, the rental scheme was structured in-line with Aldar’s strategy to maximise the value of its asset portfolio and build a strong and stable recurring revenue base.
Aldar Deputy CEO Mohammed Al Mubarak said: "Achieving 100 per cent occupancy on a development as large as Al Rayyana places us significantly ahead of our expectations and is unprecedented in the Abu Dhabi market. This great success reflects the quality of the development and the demand for a sophisticated medium and long-term leasing model by corporate tenants."
The development comprises one, two and three-bedroom units and features spacious and contemporary design with private balconies. Al Rayyana’s residents enjoy close proximity to a broad variety of leisure, sporting, retail and educational amenities.
The community is arranged around five beautifully-landscaped courtyards and many units have uninterrupted views overlooking the adjacent 27-hole championship golf course and the Al Forsan Country Club.
The project also benefits from a generous allocation of underground and surface parking for residents and over 400 visitor bays. At the heart of the community is the clubhouse, which provides a range of recreational amenities, exclusive for residents, along with a convenient retail mall to cater for day-to-day needs.
Al Mubarak said: "We now have good visibility of our earnings at one of our key recurring revenue developments and the bulk leases have diversified risk, minimise churn and allowed us to achieve premium rental on units."
"As our income‑generating assets continue to grow, we remain focused on increasing our recurring revenue and delivering significant and long-term value to our shareholders," he added.-TradeArabia News Service