Continued flight to quality supports exceptional performance with 99% occupancy
Abu Dhabi, United Arab Emirates - Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and management company,released figures today showcasing the exceptional performance of the Company'smanaged residential portfolio. Of Aldar's 4,732 residential units, 4,669 are currently leased representing a 98.7% occupancy rate. This demand is being driven by a continued flight to quality as well as a desire for "destination living" within Abu Dhabi.
In order to support the ongoing performance of its residential portfolio, Aldar is embarking on a series of community enhancements. Such enhancements include additional car parking, prayer rooms, CCTV, children's play areas and the replacement of light fixtures with more energy efficient LED systems. Demonstrating Aldar's commitment to working closely with its communities, much of this activity is being undertaken in response to demand from property owners and residents.
Commenting on Aldar's managed residential portfolio, Talal Al Dhiyebi, Chief Development Officer at Aldar said, "High occupancy levels across the portfolioensures that we generatestrong recurring revenues. Demand for quality homes is strong in Abu Dhabi and we are building a reputation for developing highly desirable communities that people want to call home. We are committed to providing a high quality of life for our tenants, as evidenced by our programme of enhancements."
Aldar's leased residential portfolio'snet operating profit of AED 370.6million represents year on year growth of 56.4% from AED 133.7millionduring 2014
Speaking about the revenue growth,Talal Al Dhiyebi said, "Our strategy is delivering results and the market fundamentals are working in our favor. The year on year revenue growth of 56.4% shows that the recurring revenue stream from residential properties is now fully optimized and we are optimistic for the future."
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For further information, please contact:
Media:
Nick Farmer
Aldar Properties
+971 2 810 5555
Colin Judd
Bell Pottinger
+971 5555 97400
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD12 billion in assets, a 77 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE's Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit.
Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
© Press Release 2015
