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Sat 28 Mar 2015 02:01 AM

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UAE's Aldar says Al Merief project sells out in a week

Developer says sales in Emirati-only residential project generated more than $163m

UAE's Aldar says Al Merief project sells out in a week

Abu Dhabi-based developer Aldar Properties has said it has successfully completed the sale of all 281 land plots at its Al Merief project in just one week.

Aldar’s first development in 2015 was fully sold in an off-market sales process, generating over AED600 million ($163.3 million) of revenues in the coming quarters, the company said in a statement.

Located in Khalifa City, the land plots were purchased by Emirati buyers with down payments terms of between 50-100 percent, Aldar said.

It added that the successful sale "reflects strong demand for infrastructure enabled plots in sought-after locations in Abu Dhabi and the confidence that Emirati nationals have in Aldar’s developments".

Mohammed Al Mubarak, CEO of Aldar, said: “We are seeing unprecedented demand for infrastructure enabled land in Abu Dhabi as the Emirate continues to develop and the economy grows. 

"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 derisk our developments.”

Al Merief is a master-planned residential community for UAE nationals and will feature villas and apartments, and be complemented by parks, mosques, a school operated by Aldar Academies, along with a retail outlets and a petrol station.

Aldar said the 690,000 sq m high-quality residential community will enable Emiratis owners to build homes for generations to come or lease them for investment purposes.

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