Aldar Properties is to stage its first off plan property sales launch since the downturn next Saturday as Abu Dhabi's largest listed property developer starts marketing its 233 home Al Hadeel scheme in Al Raha Beach.
Aldar will open off plan sales to investors on a first come first served basis at a sales event at 9am on Saturday 17 May at the Crowne Plaza hotel on Yas Island, the company said on Saturday.
Property prices at the scheme will range from Dh770,000 for a studio apartment and go up to Dh4.5 million for a townhouse.
The Hadeel at Al Bandar scheme was one of three unveiled by Aldar at Cityscape Abu Dhabi last month, when the developer announced that it would prevent buyers from selling units until they had paid 50 per cent of the purchase price in an attempt to curb speculation.
Buyers will be allowed to purchase up to two units with a down-payment of 10 per cent of the total value, with a further 40 per cent of equity payment staggered over the construction period, the company said.
Aldar added that more than 2,000 potential purchasers had already registered their interest in the scheme at Cityscape and on Aldar’s website.
Construction of the project is due to start in early 2015.
Like many property developers in the UAE, Aldar was hit hard by the global financial crisis, when it was forced to slow construction on existing projects and scale back ambitious development plans as well as selling a number of its key assets to the Abu Dhabi Government.
The company merged with rival Abu Dhabi developer Sorouh last summer.
Unlike Dubai based master developers Emaar and Nakheel which launched a string of off plan schemes over the past year, until now Aldar has concentrated on merging its operations and completing existing schemes as the Abu Dhabi property market lagged behind that of Dubai.
“We have seen very strong interest for all three developments we launched at Cityscape this year, and are looking forward to launching sales for Al Hadeel on 17 May,” said Aldar’s deputy chief executive Mohammed Al Mubarak.
“The first quarter of 2014 has been a very busy period for sales and leasing at Aldar’s developments, showing there is strong demand for the type of modern communities we are developing,” he added.
lbarnard@thenational.ae
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