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Aldar to tap demand for mid-market homes in Abu Dhabi

dubai - Developer proposes 2016 dividend of 11 fils per share, up 10%

Aldar Properties intends to focus on the growing demand for mid-market products this year. This forms part of a Dh3 billion investment programme planned for the year.
The developer announced net profits of Dh2.8 billion, up eight per cent from the Dh2.6 billion it had in 2015. Development sales fetched Dh3.5 billion last year. The company has proposed a dividend of 11 fils a share, up from 10 fils in 2015.

Project sales were recorded across Aldar's developments, led by Yas Acres, Mayan and West Yas. While three phases of Yas Acres were launched, the first two phases have already sold out.

Aldar remains the only developer in Abu Dhabi still talking about new launches as transaction activity ground to a halt last year.

Its retail asset Yas Mall has 94 per cent occupancy, while office assets are running at 95 per cent. Aldar hotels averaged a 77 per cent occupancy, better than the city-wide average of 73 per cent. Aldar's residential portfolio occupancy was 92 per cent - "a strong performance in the face of a challenging macroeconomic environment".

The developer awarded Dh3 billion worth of construction contracts and earned recurring revenue net operating income of Dh1.6 billion last year.

Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: "We have enjoyed a solid year in terms of our underlying financial performance. Our assets have delivered consistent returns through natural market cycles."

- business@khaleejtimes.com