Aldar set to build 1,000 housing units in Abu Dhabi

The projects will be developed in a phased approach. The developer is launching them in first half of 2014 in line with market demand, the company said in a regulatory filing to the Abu Dhabi Securities Exchange.

However, the property developer has completed its mega development - Gate Towers on Al Reem Island and has begun handover of apartments.

The project with 3,533 units, late last year was awarded with the building completion certificates, following which leasing activity commenced. Following significant demand, 200 units have been leased or sold as of February 6, 2014.

The handover of Tala Tower to owners is substantially complete, with over 364 out of the 375 residential units successfully handed over. The Al Rayyana development was completed in 2013, and leasing activity began in the fourth quarter with approximately 36 per cent of the development now leased. The first phase of the 2,130 unit Al Ghadeer development in the eastern region of Abu Dhabi is now being handed over to owners.

Aldar completed construction of Repton School on Al Reem Island and the school opened in September 2013. The National Housing projects at Al Sila’a in the Western Region, Al Ghuraibah in Al Ain, as well as Al Watani, Al Falah and Raha Gardens in Abu Dhabi have been substantially completed, and have received building completion certificates.

In the retail segment, the construction of Yas Mall, Aldar’s flagship retail development on Yas Island is now substantially complete and the mall is scheduled to open in late 2014 to coincide with the Abu Dhabi Grand Prix. Over 80 per cent of the 2.5 million square feet mall space is committed to major retail partners and the handover of units to tenants for fit-out has begun.

A 25 year agreement authorising Aldar to operate the World Trade Centre Abu Dhabi has been signed with the Government of Abu Dhabi.

— haseeb@khaleejtimes.com