By Anitha Lakshminarayanan
Aldar sold out all of its supply of 223 units for Al Hadeel Project in Al Raha Beach in May and Ansam Development in Yas Island sold off units at prices ranging from Dhs 1,540 to Dhs 1550 per square foot.
“In terms of launches, we launched two our very well-appointed residential projects Al Raha Beach and Yas Island all of them are sold out, These are our master plan developments wherein we have enabled infrastructure and have DE risked these developments very well.”says Mr. Gurjit Singh, Chief Development officer, Aldar Properties in an Interview
The Abu Dhabi market continues to rise in this quarter and Aldar was established to support Abu Dhabi’s development through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities. Today Aldar Properties owns a sizeable land bank in strategic locations throughout Abu Dhabi.
The Abu Dhabi’s supply pipeline increased to 1750 units in Reem Island, Danet Abu Dhabi and Al Reef in Q2 this has pushed the total stock to around 24000 units as per JLL.
Mr. Gurjit Singh also gave insights on the current property market and how Aldar helps in absorbing the supply
“And in terms of how Aldar sees it, the stocks that we have had on our books for recurring income for rent, a lot of it has been absorbed and some of the developments are 100% fully occupied those which we have retained for rentals they have actually crossed up to almost full occupancy and this bodes extremely for us because we are in the business of producing recurring income for our business.”
“As a leading developer in the UAE, we at Aldar have been able to help towards absorbing the physical supply of the real estate market via our renters and gave them an option of upgrading themselves as property owners. The interesting trend now is a lot of upgrades are happening in the market”.
“People buying our developments come from a healthy cross-section. 55% of our buyers are end-user occupier types. 45% of them come from across the gulf, but they are not a high percentage compared to those who are already residing here. That is a healthy thing about Abu Dhabi and Aldar have been able to take advantage of those who are renters now, then wanting to become a purchaser. We also launched off-plan sales this year, wherein renters can upgrade themselves by buying a property that will be ready in a couple of years.”
“Besides, we were clear about our off-plan sales, which can attract mortgage only after they pay 50% equity. Nevertheless, we still got a healthy demand because of our smart yields. One more interesting rule which we have implemented is that you can’t sell your property unless you pay 50% of the total value. When people hear this and put their money in are seemingly considered in our eyes as long-term players. Indeed the mortgage rules have helped to ask into the details of our purchasers that also help the market to refocus and read speculators out”.
He concluded “We launched three projects this year at cityscape, two of which were residential are physically sold out and we will launch one more in the coming months”.
You can also read Anitha Lakshminarayanan’s interview with Mr. Gurjit Singh in the gulf news at
http://www.gnproperty.com/a/real-estate-news/abu-dhabi-realty-market-continues-rise/
Please contact Anitha Lakshminarayanan-freelance writer (writer for Gulf News), Freelance Journalist at
anithaideas@gmail.com for covering an event, public relations writing, conducting interviews or advertising on this blog or to know more about my writing-visit
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