Aldar Properties, Abu Dhabi’s biggest listed developer, plans to sell 71 plots of land at its Al Gurm development in the capital as it continues to expand its property portfolio amid rising demand for its projects.
The plots, which form a part of the second phase of the waterfront community on the south-west side of Abu Dhabi’s main island, are exclusively available for purchase by Emiratis, Aldar said in a statement on Sunday, to the Abu Dhabi Securities Exchange, where its shares trade.
“With limited plots available for this unique product, we expect to register strong demand among interested UAE [citizens],” said chief commercial officer Rashed Al Omaira.
Without revealing the prices of the plots, the developer said that they will range in size from 900 square metres to 4,400 square metres, with each having access to exclusive beaches, and distributed across three distinct areas – The Beach, The Canal and The Island.
The first phase of Al Gurm was completed in 2010. Construction of the second phase is scheduled to begin in September, with handovers expected from March 2024, according to Aldar.
Aldar has unveiled a number of new projects this year as the UAE’s property market recovers from the coronavirus-induced slowdown on the back of stimulus measures and the Covid-19 vaccination programme.
Last week, the company said it sold all 83 villas at its newest development on Saadiyat island named Saadiyat Reserve, The Dunes. The company also unveiled the third phase of its Noya project on Yas Island in May, which was sold out in four hours.
“The UAE’s residential sector enjoyed a robust opening quarter, with economic improvements, legislative reforms and a successful vaccine roll-out buoying market sentiment and driving transactions,” said consultancy Chestertons in a report earlier this year.
Villa prices in Dubai and Abu Dhabi grew by 3.9 per cent and by 2.2 per cent respectively on a quarterly basis at the end of the first quarter, the consultancy said.
On an annual basis, villa prices rose by 1.1 per cent in Dubai and by 0.5 per cent in Abu Dhabi during the first quarter.
Over the past year, the UAE government has introduced a number of measures to support the economy, including visas for retirees and professionals working remotely, and the expansion of the 10-year golden visa initiative.
Aldar, which created a new operating model this year based around two core businesses – investment and development, made a net profit of Dh1.9 billion in 2020 on revenue of Dh8.4bn.
It has 65 million square metres of land and more than 8,000 units under development, according to its 2020 Sustainability Report published last month.