•Record demand since start of the marketing campaign in December
•Leasing portfolio revenues strengthened
•180 units leased or sold with new sales generating over AED100m in revenue in less than a month
•Sub-developers increase activity on Shams Abu Dhabi, Al Reem Island
Abu Dhabi, 21 January 2014: Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment, and management company, announces that residential demand at Gate Towers on Shams Abu Dhabi has exceeded expectations. Over 180 units were leased or sold in the first month of the leasing focused marketing campaign that was launched in December. The new leases will help grow the recurring revenues of Aldar's leasing portfolio. And the unit sales; generated approximately AED100 million in revenues, will help fund new and future growth.
The strong demand in sales and leasing is testament to the success of the development and the very strong customer proposition found on Shams Abu Dhabi, the high quality lifestyle community, excellent usage of unit space and retail offerings it has.
Aldar Deputy CEO Mohammed Al Mubarak commented: "This significant sales and leasing activity reflects the quality of the development and the compelling community living proposition on Shams Abu Dhabi. This also marks an important moment in the return to growth of the real estate market in Abu Dhabi. We are witnessing a significant rise in demand for quality housing which is driving sales and leasing activity.
Al Mubarak, added: "We have seen a significant jump in sales and leasing contracts at Gates Towers as reflected in recent real estate broker reports which indicate that Shams Abu Dhabi and the wider Al Reem Island is the best performing area in the capital. Shams Abu Dhabi also enjoys investment zone status while being in close proximity to Abu Dhabi Island and the new central business district, Sowwah Square. We are seeing a number of sub-developers launching construction works on Shams Abu Dhabi and the recent announcement giving owners of properties in investments zones freehold ownership of their properties is another compelling reason to invest in properties on Shams Abu Dhabi."
The wider Shams Abu Dhabi community is coming to life as sub-developers increase their activity and help shape the community. Aldar has handed over more than 190 units and to date there are more than 100 families living there. Most recently, Arabtec Construction announced that it was awarded the contract to build the second phase of the Gate Towers, which includes the fourth and final Gate Tower as well as the Arc, in accordance with Aldar's master-development plan. This positive announcement is another clear example of the sought after demand for properties on Shams Abu Dhabi. In addition to Aldar's own projects and facilities, there are a total of 98 sub-developments planned on Shams Abu Dhabi. Eight of these have been completed, another eight are either already under construction or will commence in 2014-2015, and 61 have designs which have either been approved by Aldar or are currently under review.
According to real estate broker Cluttons' most recent 'Abu Dhabi property market update' report, high-end apartments on Al Reem Island as a whole retained their position as the best performing segment of this market, with average capital values climbing 9.3%. The report added that buyer demand is being underpinned by a combination of factors, which is contributing to the upward pressure on values. In addition, Abu Dhabi's skilled workforce is continuing to grow, with the construction, education, healthcare and hospitality sectors in particular, in expansionary mode, bolstering buyer requirements.
-Ends-
ABOUT GATE TOWERS
The Gate Towers is an award-winning mixed-use development at the heart of Shams Abu Dhabi on the Investment Zone of Al Reem Island. With 3,533 units, including studios, one, two, and three-bedroom apartments as well as, townhouses and penthouses with panoramic views of the Arabian Gulf and Abu Dhabi skyline, the development is a destination of choice for investors and tenants.
The iconic Gate Towers was designed by American architects Arquitectonica and was inspired by historically prominent structures such as England's Stonehenge and Greece's Pantheon. The series of residential towers act as pillars supporting a sky bridge that spans between each of the towers. The project offers a range of amenities for residents including a leisure podium with swimming pools, tennis and squash courts, children's play areas, day care centre, prayer rooms, recreational rooms, and much more.
ABOUT ALDAR
Abu Dhabi-based Aldar Properties PJSC is one of the largest developers in the Middle East and North Africa region, with almost US$12 billion of assets. The company has developed some of Abu Dhabi's most iconic and complex projects, from the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Al Reem Island. Its property portfolio is diversified and balanced with a total asset mix comprising residential communities, retail property, with the remaining in commercial. There are also nine hotels with more than 2,500 available rooms. With a land bank of over 77 million square metres, 90 per cent of which is in special investment zones, Aldar Properties is focused on serving the growing demand in the UAE for high-quality and professionally managed property. Aldar Properties is a strong partner of the Government of Abu Dhabi, which is also a major shareholder. The business is aligned with the Emirate's "Vision 2030" strategy of economic diversification and social infrastructure development.
FURTHER INFORMATION
Aldar Properties
Obaid Al Yammahi
+971 2 810 5555
oalyammahi@aldar.com
Brunswick
Charlotte Connerton
+971 4 446 6270
ALDAR@brunswickgroup.com
© Press Release 2014
