Aldar Hands Over New Properties In Abu Dhabi

Abu Dhabi-based Aldar Properties has announced the handover of the Gate Towers, a mixed-use development in the capital’s Al Reem Island.

“This marks the start of another important delivery cycle for Aldar as we deliver more than 7,000 quality units into the market over the next 12 months,” said Aldar deputy CEO Mohammed Al Mubarak.

“We are seeing a flight to higher quality housing in Abu Dhabi, as evidenced by increased sales and leasing interest at Reem Island. With its eye-catching design and prominent positioning on Shams, we are confident that our customers will be very pleased with the quality of the development.”

The Gate Towers consist of 3,533 units which include studios, one, two, and three-bedroom apartments along with townhouses and penthouses.

The development that acts as a gateway to Shams neighbourhood is modeled to resemble prominent structures such as England’s Stonehenge and Greece’s Pantheon, the company said.

The project also joins Aldar’s Sun&Sky Towers in Shams, which houses more than 1,000 families and businesses.

Aldar Properties’ third quarter earnings this year nearly doubled, beating analyst’s forecasts. The company also said that it has arranged for financing worth $1.09 billion to pay off its debts.

The Abu Dhabi property developer got mired in debts and had to be bailed out by the government in 2011.

The government-owned firm merged with its former rival Surouh real estate in June this year to become Abu Dhabi’s largest property firm with assets worth $12 billion.