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Aldar sees high occupancy levels at its residential portfolio.

Aldar's leased residential portfolio 'in big demand'

ABU DHABI, November 25, 2015

Aldar Properties, a leading listed property development company in Abu Dhabi, UAE, said it has been witnessing solid demand for its leased residential portfolio in the emirate mainy driven by a continued flight to quality.

Released figures from Aldar today showed that of Aldar’s 4,732 residential units, 4,669 were currently leased representing a 98.7 per cent occupancy rate.

This demand is being driven by a continued flight to quality as well as a desire for “destination living” within Abu Dhabi, said the UAE developer commenting on the exceptional performance.

In order to support the ongoing performance of its residential portfolio, Aldar is embarking on a series of community enhancements. Such enhancements include additional car parking, prayer rooms, CCTV, children’s play areas and the replacement of light fixtures with more energy efficient LED systems.

Demonstrating Aldar’s commitment to working closely with its communities, much of this activity is being undertaken in response to demand from property owners and residents.

Talal Al Dhiyebi, the chief development officer, said: "High occupancy levels across the portfolio ensures that we generate strong recurring revenues. Demand for quality homes is strong in Abu Dhabi and we are building a reputation for developing highly desirable communities that people want to call home."

"We are committed to providing a high quality of life for our tenants, as evidenced by our programme of enhancements," he noted.

According to Aldar, the net operating profit for its leased residential portfolio surged to Dh370.6 million ($101 million) representing a year-on-year growth of 56.4 per cent from Dh133.7 million ($36.3 million) during last year.  

On the revenue growth, Al Dhiyebi said: "Our strategy is delivering results and the market fundamentals are working in our favour."

"The year-on-year revenue growth of 56.4 per cent shows that the recurring revenue stream from residential properties is now fully optimized and we are optimistic for the future," he added.-TradeArabia News Service




Tags: Aldar | demand |

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