Abu Dhabi's Aldar sells out exclusive land plots at Al Gurm waterfront

Construction of the second phase is due to begin in September

  
Aldar launches exclusive land plots at Al Gurm waterfront community.

Aldar launches exclusive land plots at Al Gurm waterfront community.

Aldar Properties / Handout via Zawya

Abu Dhabi’s Aldar Properties has sold out land plots in the second phase of Al Gurm development, a luxurious beachfront community in the emirate.

All 71 plots, available exclusively to UAE nationals, were sold with each ranging in size from 900 to 4,400 sqm, the developer said in a statement Monday on the Abu Dhabi Securities Exchange where its shares trade.

The company didn’t disclose a sales value.

Rashed Al Omaira, Chief Commercial Officer at Aldar Development said: “We continue to see demand for a wide range of real estate investment opportunities in Abu Dhabi, as evidenced by multiple sell-out launches of turnkey developments on Yas Island and Saadiyat Island in recent months, and now the completion of land plot sales at Al Gurm.

The first phase of Al Gurm, which is located in the mangroves in the capital, was completed in 2010 and construction of the second phase is due to begin in September 2021.

The developer previously announced sell out of its villa projects on Saadiyat Reserve and on Yas Island.

Aldar Properties posted a net profit of 544 million dirhams ($148.12 million) in the first quarter of 2021, marking an 80 percent rise, helped by a one-off gain from completion of a property transaction with state-backed ADQ.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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