Aldar generates $114m sales on day 1 of Alreeman II launch

Positive response to Alreeman II indicates the attractiveness and stability of Abu Dhabi's real estate market, says developer
Aldar generates $114m sales on day 1 of Alreeman II launch
By Sam Bridge
Mon 24 Jun 2019 03:34 PM

Aldar Properties on Monday announced that its latest development Alreeman II, located in Abu Dhabi, has generated AED420 million ($114 million) in sales, with over 75 percent of the land plots sold.

Following the single day sales success, Aldar said it will also hold a special sales event in Al Ain this weekend on Saturday.

Following the runaway success of Alreeman, launched in January, which generated AED1.6 billion in sales, Alreeman II aims to address growing pent up demand for affordable land plots in desirable destinations within Abu Dhabi.

Of those purchasing land at Alreeman II on the opening day of sales, 70 percent were new customers to Aldar, the company said in a statement.

It added that 20 percent of customers opted to purchase their land plot on a 50/50 payment plan – taking advantage of Aldar’s new fast track sales service.

"This positive response to Alreeman II, coupled with the strong performance of Aldar’s prior 2019 development launches - Alreeman and Lea, indicates the attractiveness and stability of Abu Dhabi’s real estate market as recent reforms take effect and drive sentiment," the developer said.

Maan Al Awlaqi, executive director – Commercial at Aldar, said: “The strong response we received on Alreeman II is a prime example of customer appetite and a great testament to the strength of Abu Dhabi’s real estate market. Following the success of Alreeman in January, we wanted to ensure a much smoother customer journey and an enhanced experience with Alreeman II – and we were pleased to receive a lot of positive comments from our customers – in particular those who had never bought from us before.”

Alreeman II is a AED1.7 billion master-planned residential community, available exclusively for purchase by UAE nationals. Spread across an area of 2.4 million square metres, the development features villa plots ranging from 500 to 1,000 square metres in size.

The community also offers a school, retail offerings, parks, mosques, and running and cycling tracks. Construction of Alreeman II will commence at the end of 2019, with the first handovers commencing from the end of 2021.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.