Developer's CFO says new projects will mostly target mid-income buyers and tenants
Abu Dhabi's Aldar Properties will launch a few new projects in the next three to four months, the real estate developer's chief financial officer said on Wednesday.
Aldar, Abu Dhabi's largest property company and majority-owned by the emirate's government, was rescued by a $10 billion state bailout in 2010 following a market crash, but is now resurgent following a merger with rival Sorouh Real Estate and a dramatic recovery in most segments of the United Arab Emirates' property sector.
The company's new projects will mostly target mid-income buyers and tenants, Greg Fewer told reporters on the sidelines of a conference in Dubai. He did not provide details.
Fewer said Abu Dhabi house prices had risen 25 percent over the last 12 months and were now "healthy and stable".
Aldar is expected in coming weeks to announce its third-quarter earnings. Two analysts polled by Reuters forecast Aldar would make a third-quarter net profit of between 382.6 million and AED441.9 million ($104.2-120.4 million). That compares with a quarterly profit of AED407.5 million in the prior-year period.
Aldar's second-quarter profit more than doubled from a year ago.