Aldar makes property sales of Dh1.9bn in first half

Aldar Properties completed sales worth Dh1.9 billion in the first half of the year.

The sales were largely of land plots on Nareel Island, off the Al Bateen area of the capital, and at the Al Merief community in Khalifa City. Both areas are reserved for Emiratis.

The first phase of Aldar’s Meera residential development in Shams Abu Dhabi on Reem Island has been fully sold following its launch last month.

“We have seen very strong sales activity across our new projects in the first half of 2015,” said Mohammed Al Mubarak, the chief executive of the Abu Dhabi-based developer, in which the emirate’s government holds a 37 per cent stake.

“We continue to see demand in Abu Dhabi for infrastructure-enabled land and high-quality residential communities, and will continue to launch projects that meet this demand and support the growth of the emirate.”

Nareel Island was one of three projects with a combined value of Dh5bn that Aldar launched as part of a new wave of development in April last year.

It has 143 plots of land that range between 1,000 and 5,000 square metres in size.

Aldar has sold 70 of these land plots in two phases, raising Dh1bn in the process.

At the 690,000 sq metres Al Merief community, it has sold all 281 land plots, generating more than Dh600 million in sales.

At Meera Shams, all 150 units on offer under the first phase were snapped up, generating Dh220m in sales. A second phase has been launched.

About 3,600 new units have been launched in Abu Dhabi’s property market this year, according to the property consultancy Asteco.

Jerry Oates, Asteco’s general manager for Abu Dhabi, said this was “a strong indication that developers are optimistic about market prospects”.

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Michael Fahy

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