Aldar generates Dh400m in sales from latest project

Lea waterfront community sold out units at Cityscape Abu Dhabi

A render of Aldar's planned "Lea" project, which the developer said sold out at Cityscape Abu Dhabi this week. It comprises plots of land for sale. Courtesy Aldar

Abu Dhabi real estate company Aldar Properties sold out its latest residential project, Lea, generating more than Dh400 million in sales.

“We are off to a flying start this year and we are seeing really strong demand for land opportunities within well thought out, master-planned communities,” Aldar chief executive Talal Al Dhiyebi said.

“Generating over Dh2 billion from our two most recent developments – Alreeman and Lea – shows how market sentiment is moving in a positive direction."

The Lea scheme is on the northern coast of Yas Island, home to Abu Dhabi’s Formula One racetrack, the Yas Marina, theme parks and neighbourhoods including Yas Acres.

Lea is the second project Aldar has launched with land plots for sale in its response to demand among budget-conscious buyers for land on which to build their own home.

Lea offers land plots starting at Dh990,000, with sizes ranging from 405 to 1,800 square metres.

They are available for all nationalities to buy, said Aldar, which unveiled the scheme last week in the run-up to the Cityscape Abu Dhabi property show at the Abu Dhabi National Exhibition Centre.

The project’s sell-out follows the successful launch of Aldar’s Alreeman masterplan this year, which generated Dh1.6bn in sales, the developer said in January.

“Lea is also our first development launch since we opened our inaugural experience centre in Dubai this year, and we are seeing how this new demand channel from further afield is being reflected in transactions,” said Maan Al Awlaqi, commercial executive director at Aldar Properties.