Aldar Properties, Abu Dhabi’s biggest developer by market value, announced that Noya Luma, the third phase of its Noya project on Yas Island, sold out within four hours.
The developer generated Dh560 million ($95.2m) in sales from the Noya Luma project, it said in a statement on Sunday to the Abu Dhabi Securities Exchange, where its shares trade. Aldar has cumulatively booked more than Dh2.5 billion in the past six months from the sale of properties in three phases of the development – Noya, Noya Viva and Noya Luma.
“The entire Noya development has proven to be incredibly popular amongst investors and homeowners,” Rashed Al Omaira, chief commercial officer at Aldar Development, said.
“To satisfy the needs of our customers, we made the decision to only offer standalone villas at Noya Luma, following the significant interest registered in villas [in] the first two phases and this has proven to be a very successful approach.”
Noya Luma includes 189 standalone villas. Three-bedroom units were priced from Dh2.41m while four and five-bedroom villas were priced from Dh2.77m and Dh3.27m, respectively.
“Similar to other recent launches, we saw growing interest from overseas buyers at Noya Luma and we expect this trend to continue as more and more expats realise the benefits of Abu Dhabi’s recently implemented real estate, residency and investment reforms,” Mr Al Omaira said.
UAE nationals purchased the highest number of units at 50 per cent, followed by buyers from Lebanon, Jordan, Canada and Syria, the statement said.
Among the buyers in Noya Luma, 73 per cent purchased their first Aldar property, while 53 per cent were under the age of 40 and 31 per cent were women, the company said.
Construction is due to begin in November, with handovers expected to start in February 2024.
The average plot size for units in Noya Luma will be larger than that for villas built in the second phase, the company said.
Aldar’s residential portfolio on Yas Island also includes Yas Acres, Water’s Edge, Lea, Ansam and Mayan.
The developer plans to launch five new projects this year on Reem, Saadiyat and Yas Islands and these will be a mix of villas, plots and apartments, Jonathan Emery, chief executive of Aldar Development told The National in an interview.
Mr Emery said the company aims to equal or surpass 2020 sales of Dh3.6bn this year.
The developer reported an 80 per cent jump in first-quarter net profit as revenue increased and finance costs declined. Net profit for the three months to March 31 rose to Dh544m. Revenue in the period increased 16 per cent to Dh2bn due to higher property sales.
The property market in Abu Dhabi is expected to stabilise in 2021 amid balanced supply, according to a report from consultancy ValuStrat.
“Rents and capital values in established villa locations could stabilise and perhaps witness gradual appreciation. Apartments could follow suit towards the end of 2021,” the report said.