{"id":12560,"date":"2016-05-10T13:36:54","date_gmt":"2016-05-10T06:36:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-planning-more-mid-income-schemes-in-abu-dhabi\/"},"modified":"2016-05-10T20:17:58","modified_gmt":"2016-05-10T13:17:58","slug":"aldar-planning-more-mid-income-schemes-in-abu-dhabi","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-planning-more-mid-income-schemes-in-abu-dhabi\/","title":{"rendered":"Aldar planning more mid-income schemes in Abu Dhabi"},"content":{"rendered":"


\nAldar Properties plans to add mid-income housing to developments such as Shams Abu Dhabi and Al Raha Beach following the success of its Meera Shams scheme launched in June last year.The Abu Dhabi developer on Tuesday reported a 15 per cent year-on-year increase in first quarter profits to Dh654 million.”On the middle income segment, we are planing more of those kinds of development across our key destinations. That will be a recurring theme within our development pipeline,” said the chief development officer Talal Al Dhiyebi.Aldar sold 90 per cent of the 408-unit Meera Shams scheme in less than six months. “We are now in design stages for similar products to Meera,” he added.Mr Al Dhiyebi did not say when the new homes would be built.Aldar recently launched the Dh6 billion, 1,315-villa Yas Acres scheme and is seeing “very strong demand”, he said.During the first three months of 2016, the company sold 320 homes, generating Dh940m in sales. Of these, 132 were sold at its West Yas project for Dh616m and 188 were sold between the Mayan, Meera and Al Nareel projects for a combined Dh324m. \tIn April, it released a further 144 units at Mayan on Yas Island, bringing the total number of units launched to 512.”I think the real estate market is still strong in Abu Dhabi,” said Mr Al Dhiyebi. “Demand and supply for quality products in Abu Dhabi has been relatively balanced.”Average selling prices at Mayan were Dh1,400 to Dh1,500 per square foot, which is “slightly higher” than the prices it was selling units at its Ansam and Hadeel developments 12 months earlier. The company attributed strong profit growth to a 10 per cent increase in gross profit for recurring revenues, due partly to Yas Mall reaching capacity. About 61 per cent of the Dh1.23bn of revenue generated in the quarter \u2014 a 4 per cent year-on-year increase, came from recurring sources.Aldar’s chief financial officer Greg Fewer said that about one-third of its recurring revenue comes from retail, another third from residential schemes and the rest from hotels, schools and other sources. He said it wants to invest about Dh3bn in its recurring revenue portfolio, and had already allocated Dh900m of this on a new school, the expansion of Al Jimi Mall in Al Ain and the acquisition of Daman House in Abu Dhabi’s Capital Centre district. He also said the company had a current capital expenditure programme of Dh5.2bn, which will be spent on delivering existing projects over the next 24 to 29 months. Current debt levels stand at Dh6bn. Asjad Yahya, the head of research at Dubai-based Shuaa Capital, said Aldar’s investment portfolio “continues to do well”. “It looks like they will meet their target of Dh1.6bn of net operating income for this year.”He said that there was still a lack of consensus over how property markets in the UAE are currently performing. “But I personally think that we might – dependent on oil staying steady and the US dollar coming down a bit – be coming to the bottom. The fact that we’ve seen good sales from Emaar in Q1 and now from Aldar is positive.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Aldar planning more mid-income schemes in Abu Dhabi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aldar Properties plans to add mid-income housing to developments such as Shams Abu Dhabi and...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-12560","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3gA","jetpack-related-posts":[{"id":24292,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/work-to-start-on-aldars-reem-island-mid-market-housing-project\/","url_meta":{"origin":12560,"position":0},"title":"Work to start on Aldar's Reem Island mid-market housing project","date":"August 29, 2016","format":false,"excerpt":"\r Work on Aldar Properties' first mid-market housing block in Abu Dhabi is set to start after the developer awarded contractor Fibrex a Dh258 million contract to build it.Construction work on the two 26-storey Meera Shams towers in the Shams area of Reem Island in the capital will start immediately,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-maintains-its-aim-at-abu-dhabi-mid-market-property\/","url_meta":{"origin":12560,"position":1},"title":"Aldar maintains its aim at Abu Dhabi mid-market property","date":"April 17, 2017","format":false,"excerpt":"\r Aldar Properties will continue its focus on the price-conscious Abu Dhabi investor with the launch at a property exhibition in the capital today of its second mid-market off-plan housing project. Abu Dhabi's largest listed developer said yesterday that it plans to build 1,272 homes on Reem Island with prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11496,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-gives-update-on-abu-dhabi-residential-projects\/","url_meta":{"origin":12560,"position":2},"title":"Aldar gives update on Abu Dhabi residential projects","date":"April 27, 2016","format":false,"excerpt":"\r Aldar Properties said today that its projects in Abu Dhabi are progressing on schedule.\"Al Hadeel, Ansam, Al Merief, Nareel Island residential projects are all on track to be completed according to their respective schedules with steady progress being made on foundational, structural and MEP work,\" it said in a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51701,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-closes-in-on-early-completion-of-abu-dhabi-projects\/","url_meta":{"origin":12560,"position":3},"title":"Aldar closes in on early completion of Abu Dhabi projects","date":"April 12, 2017","format":false,"excerpt":"\r Aldar Properties has said that it is nearing completion on two of its new Abu Dhabi housing projects ahead of planned hand\u00adovers in this autumn.The developer said in that it was on track to hand over its Ansam project on Yas Island and Hadeel on Raha Beach in September.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39001,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldars-shams-meera-project-on-reem-island-video\/","url_meta":{"origin":12560,"position":4},"title":"Aldar's Shams Meera project on Reem Island – video","date":"December 25, 2016","format":false,"excerpt":"\r Construction activities at Shams Meera is progressing on schedule, according to its developer Aldar. The project was launched in June 2015 and over 90 per cent of the units, with prices ranging from Dh900,000 to Dh1.6 million, have been sold. Here is a timelapse of the project on Reem\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-aldar-sets-sights-on-yas-and-reem-projects\/","url_meta":{"origin":12560,"position":5},"title":"Abu Dhabi developer Aldar sets sights on Yas and Reem projects","date":"March 21, 2017","format":false,"excerpt":"\r Aldar Properties expects to invest Dh1.9 billion in developing four new projects on Reem Island and Yas Island in Abu Dhabi as part of the company's plans to boost its recurring revenue. Abu Dhabi's largest listed property developer said on Monday in a statement it plans to build a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12560"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=12560"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12560\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=12560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=12560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=12560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}