Aldar Properties, a leading developer based in Abu Dhabi, UAE, said it has successfully completed the sale in just one week of all 281 land plots at Al Merief, a master-planned residential community for UAE nationals located in the fast growing Khalifa City near Al Raha Beach.

Al Merief will boast villas and apartments on a 690,000-sq-m area complemented by parks, mosques, a school operated by Aldar Academies, along with a retail outlets and a petrol station, said the UAE developer in its statement.

The residential community will enable Emiratis owners to build homes for generations to come or lease them for investment purposes.

Aldar’s first development in 2015 was fully sold in an off-market sales process, generating over Dh600 million ($163 million) in revenues in the coming quarters, it stated.

Located in Khalifa City, Abu Dhabi, the land plots were purchased by Emirati buyers with down payments terms of between 50 and 100 per cent, the statement added.

This successful sale reflects strong demand for infrastructure enabled plots in sought-after locations in Abu Dhabi and the confidence that Emiratis have in Aldar’s developments, said a top official.

CEO Mohammed Al Mubarak said: "We are seeing unprecedented demand for infrastructure enabled land in Abu Dhabi as the emirate continues to develop and the economy grows. The rapid sale of the plots at Al Merief shows that Aldar has the right development strategy in place and that we are delivering quality products to meet the needs of this growing city."

"Al Merief marks the next phase of Aldar’s development plan and furthers our strategy to monetise our land bank, and derisk our developments," he added.-TradeArabia News Service