Abu Dhabi developer Aldar Properties announced that it sold out all the units at its new Al Hadeel residential community project on the first day of the projects launch.
The new development at Al Raha Beach sold all 223 off-plan town houses and apartments. The project is the first for Aldar in four years. More than 600 people turned up at the Crown Plaza hotel on Yas Island on Sunday hoping to make a purchase.
Construction of the project is due to start early next year. Property prices ranged from Dhs770,000 to Dhs4.5 million.
The development was one of three launched by Aldar at this year’s Cityscape Abu Dhabi. Aldar will announce the sale of off-plan units at its other developments – Ansam on Yas Island, and Al Nareel Island in the coming weeks.
The “sale launch of units at Al Hadeel was a huge success”, said Aldar chief executive Mohammed Al Mubarak. “As we witness the continued growth of the Abu Dhabi residential sector through increased demand from buyers, we look forward to continuing this success in the future.”
The company reported a 194 per cent increase in profits in the first quarter of this year. The company also plans to launch at least two new schemes in Abu Dhabi every six months.
Aldar has already completed several residential developments in Raha Beach in recent years, including Al Bandar, Al Muneera, Al Zeina and Al Raha Gardens,- all of which have access to all the retail, and food and beverage outlets along the waterfront promenade.
Abu Dhabi’s real estate market slumped by about 50 per cent from its peak in 2008 after a bubble burst in the wake of the global financial crisis. Aldar, received around $10 billion of government support in exchange for assets to help worst hit, manage a significant amount of debt taken on in the boom years.
There was also a government-backed merger between Aldar and Sorouh Real Estate, completed last year, which brought together the two main developers in the emirate to cut costs and support Aldar’s financial position.
Prices rebounded strongly last year, rising some 25 per cent, on the back of a series of market-boosting measures by the government including the scrapping of annual rent caps.
The developer has Dhs6.1 billion of outstanding debt due by the end of 2014, including a $1.25 billion bond maturing this month.