x Abu Dhabi, UAESunday 23 July 2017

Aldar announces plans to build 2,300 homes worth Dh5.7bn for Emiratis

The projects, funded by the Government of Abu Dhabi, are scheduled to be completed in 2016 and include 1,020 villas on Yas Island, 996 villas in Al Falah and 275 villas at Al Ghuraibah in Al Ain.

One of the five-bedroom villas at Aldar's Al Falah project in 2009, for distribution to Emiratis. The company said it had developed or delivered to 6,744 homes for Emiratis. Ryan Carter / The National
One of the five-bedroom villas at Aldar's Al Falah project in 2009, for distribution to Emiratis. The company said it had developed or delivered to 6,744 homes for Emiratis. Ryan Carter / The National

Aldar Properties will build 2,300 more homes for Emiratis in schemes worth Dh5.7 billion to be completed over the next two years, the company said yesterday.

The projects, funded by the Government of Abu Dhabi, are scheduled to be completed in 2016 and include 1,020 villas on Yas Island, 996 villas in Al Falah and 275 villas at Al Ghuraibah in Al Ain, the Abu Dhabi-listed company said.

“We have a proven track record of developing high-quality large-scale housing projects for UAE nationals. It is a is great honour to be building a further 2,300 units on behalf of the Government of Abu Dhabi for the people of the UAE,” said Fahed Al Ketbi, the chief operations officer at Aldar.

The Yas Island scheme, located along the western shore of the island with an area of about 220 hectares, includes schools, mosques and leisure and retail areas.

Aldar is in the process of handing over 1,887 national housing units to the Abu Dhabi Government, it said.

“Aldar, in our view, will finalise the delivery process of all NHP units in H1,” Arqaam Capital said last month.

In total, Aldar said it had developed or delivered to 6,744 homes for Emiratis.

This month, it said it had revised its predictions for the amount of cost-saving synergies it would be able to make after its merger with its rival, Sorouh, to between Dh145m and Dh150m a year from between Dh90m and Dh100m.

Last month, Aldar said it planned to develop 1,000 new apartments across Abu Dhabi from Al Bateen to Al Raha Beach. It also reported full-year profits of Dh2.25 billion, 67 per cent higher than a year earlier, before the merger.

Aldar shares closed a touch lower in Abu Dhabi on Monday at Dh3.14 each.

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