All 281 land plots of the 690,00sqm Al Merief development sold in a week, property developer says
Aldar Properties, the Abu Dhabi-listed property developer, says it sold all 281 land plots in its Al Merief development within a week, raising more than $163.3 million in revenue in the coming quarters.
Aldar’s first development in 2015 was fully sold in an off-market sales process, the company said. Located in Khalifa City, Abu Dhabi, the land plots were purchased by Emirati buyers with down payments of between 50% and 100%.
Mohammed Al Mubarak, chief executive officer of Aldar, said that the quick sale of these properties were reflective of the strong demand for “infrastructure enabled” plots in high-demand locations in the UAE capital.
“We are seeing unprecedented demand for infrastructure enabled land in Abu Dhabi as the Emirate continues to develop and the economy grows,” he said in a statement released by Aldar.
“The rapid sale of the plots at Al Merief shows that Aldar has the right development strategy in place and that we are delivering quality products to meet the needs of this growing city. Al Merief marks the next phase of Aldar’s development plan and furthers our strategy to monetise our land bank, and de-risk our developments.”
Al Merief is a master-planned residential community for UAE Nationals located in the fast growing Khalifa City near Al Raha Beach, Abu Dhabi.
The development will feature villas and apartments. Parks, mosques and a school, along with retail outlets and a petrol station will also be built.
The 690,000sqm high-quality residential community will enable Emiratis owners to build homes for generations to come or lease them for investment purposes, Al Mubarak added.