Aldar’s land plots at Al Merief sell out in record time

24/03/2015 10:22 AST

Aldar Properties PJSC (‘Aldar’), Abu Dhabi's leading listed property development, investment, and management company, has successfully completed the sale of all 281 land plots at Al Merief in just one week. Aldar’s first development in 2015 was fully sold in an off-market sales process, generating over AED600m of revenues in the coming quarters.

Located in Khalifa City, Abu Dhabi, the land plots were purchased by Emirati buyers with down payments terms of between 50% and 100%. This 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, Chief Executive Officer 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 located in the fast growing Khalifa City near Al Raha Beach, Abu Dhabi. Al Merief 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. The 690,000 sqm high-quality residential community will enable Emiratis owners to build homes for generations to come or lease them for investment purposes.

Press Release