By: Ramy Sameeh
Abu Dhabi – Mubasher: Aldar Properties intends to invest AED 1.9 billion ($517.4 million) during 2017, Chief Development Officer of Aldar, Talal Al Dhiyebi, said.
The company owns AED 3 billion worth investment portfolio of which AED 1.1 billion was invested in 2016, while the remaining amount will be earmarked for investments in different fields, Al Dhiyebi said on the sidelines of a press conference.
During 2017, Aldar will be focusing on the medium-level housing projects, in line with announcing a new project in the near future, he noted.
We are continuously examining the state of market; if the company sees higher demand, it will launch more projects in 2017, Al Dhiyebi said.
He noted that the Abu Dhabi-based Aldar awarded AED 3 billion ($816.9 billion) worth construction contracts to a contracting company in 2016.
Aldar’s portfolio includes 4,800 residential units of which more than 92% are already rented, Al Dhiyebi said, noting that the company raised sale prices by 5% in the projects of Meera, Ansam, and Hadeel.
Regarding the Yas Acres project, Al Dhiyebi clarified that Aldar succeeded in selling the first two phases, while 40% of the third phase was sold; this AED 6 billion ($1.63 billion) worth project was launched in 2016 and has six phases.
He added that Aldar is expected to launch part of its investments in Kazakhstan, shopping mall and hotel, in 2017, while the remaining projects will be opened in 2018.
Translated by: Ingy ElSafy
