Aldar Properties, Abu Dhabi’s biggest listed developer, sold out 420 units for Dh1 billion ($272 million) in the first phase of its residential development in Ras Al Khaimah, as the UAE’s property market continues to record strong investor interest.

The beachfront units at the development, located on Al Marjan Island, were sold out in 48 hours of the launch, showing “the growing demand for the short-term stay and second home market in Ras Al Khaimah”, Aldar said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments. All apartments are serviced, with both furnished and unfurnished options, with the average price for a one-bedroom unit at Dh2.3 million.

Following the sell-out of phase one, Aldar has released an additional 150 units for sale.

The strong response to the project in Ras Al Khaimah “has validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays”, said Rashed Al Omaira, chief commercial officer at Aldar Development.

“As we unveil phase two, we anticipate continued interest from buyers.”

The UAE‘s property market has been steadily growing on the back of government initiatives and overall growth in the economy.

Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, has been expanding its portfolio rapidly to cater to demand.

The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.

Overseas and expatriate resident buyers accounted for 87 per cent of sales in the first phase of its Ras Al Khaimah project, while 60 per cent are under the age of 45, the developer said on Thursday.

The residential community aims to offer a “resort-like lifestyle” with amenities such as a beach lounge, a modern clubhouse, games room, sauna, yoga deck, kids’ areas and gyms with sea views.

Aldar acquired the 40,000-square-metre beachfront plot for the development from master developer Marjan in November last year.

The development is located between the Rixos Bab Al Bahr and Doubletree by Hilton – both acquired by Aldar last year.

The Abu Dhabi developer, which has expanded to regional markets including Dubai and Egypt, is also entering select international markets, with a particular focus on Europe.

This month, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region.

Source : TheNationalNews

The post Aldar Sells Out 420 Units for $272m in First Phase of Ras Al Khaimah Development appeared first on Amora Escapes.

UAE-based real estate developer, investor and manager – Aldar Properties – has acquired London-based developer, London Square, signalling its first international acquisition beyond the MENA region. The acquisition represents a value of £230m.

London Square operates several segments in its business including London Square Living, the company’s Build to Rent division. Its notable development projects include the Nine Elms development, strategically located close to the iconic Battersea Power Station. The scheme will deliver over 750 luxury homes, affordable housing, Build to Rent apartments, and 21,500 sq ft of commercial and retail space at the heart of central London’s largest regeneration area.

“This is an outstanding outcome for London Square. Aldar is an exemplary company with an unrivalled reputation and their strength and breadth of knowledge and experience will enable London Square to flourish and extend its presence across Greater London and the Southeast.

“Since establishing London Square in 2010, the company has enjoyed significant organic growth, with the support of Ares Management funds for the past nine years. We would like to thank Ares Management for their contribution to the success of London Square.

“Becoming part of Aldar is the beginning of an exciting new chapter for the future of London Square. We look forward to playing a leading role in tackling the housing shortage by providing more much-needed homes in the capital and surrounding areas where there is a continuing lack of supply.”

Adam Lawrence, Founder and Chief Executive, London Square

This acquisition aligns with Aldar’s strategic vision of expanding into key and mature international markets. The move is aimed at accelerating growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities.

By acquiring the London based developer, Aldar will gain a meaningful foothold in the diverse and dynamic London property market, which appeals to both local and international investors.

With a shared vision and approach to creating world-class developments anchored in high quality design, sustainability and customer service excellence, the acquisition represents a new phase of growth for both companies. It will also provide two-way benefits, delivering a positive impact for communities and bringing new opportunities to the customers each company serves.

“Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets. The acquisition of London Square represents our first market entry outside of the region, and is a testament to the company’s management team, governance framework, and business model which has consistently delivered strong performance.

“The transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths, shared values, and common approach to homebuilding to scale London Square while bringing the best of Aldar to bear in the UK’s property market, as we continue to build our foothold outside of the region.”

Talal Al Dhiyebi, Group Chief Executive Officer, Aldar Properties

London Square has successfully created a development pipeline worth over £2bn. The developer has currently completed over 3,500 homes and has a pipeline of 930 homes under construction, valued at £425m.

Source : BTRNews

The post UAE-Based Aldar Properties Acquires London Square appeared first on Amora Escapes.

Aldar Properties, Abu Dhabi’s biggest listed developer, generated Dh3.1 billion ($844 million) from the sale of 786 villas and townhouses as the first two phases of its Dubai residential project sold out on strong demand from buyers.

The developer put 468 units up for sale in the first phase of its Haven by Aldar project, and “due to remarkable demand on launch day”, released the second phase with an additional 318 units, it said in a statement on Wednesday.

Overseas and expatriate resident buyers accounted for 77 per cent of sales, with UAE citizens making up the remaining 23 per cent.

Haven, a wellness-focused development, is the first of three new residential communities to be developed in Dubai as part of a joint venture between Aldar and Dubai Holding.

The final phase, which includes villas, townhouses and apartments, will go up for sale in early 2024, Aldar said.

“Hundreds” of people turned up at the company’s sales centres in Dubai and Abu Dhabi for the launch, said Rashed Al Omaira, chief commercial officer at Aldar Development.

The response “confirms our long-held belief that new residential concepts are desired in the emirate by both local and international buyers”, he said.

Dubai’s property market has been growing strongly this year as investor demand continues to boom on economic momentum as well as government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.

The emirate recorded 116,116 new property transactions in the first nine months of 2023, up 33.8 per cent annually, the Dubai Land Department said this week.

The value of the deals also increased by 36.7 per cent during the period to about Dh429.6 billion amid continuing growth in the emirate’s economy.

Dubai’s residential market also recorded its highest quarterly price rise in a decade in the July to September period this year, a report released this month by property consultancy ValuStrat found.

The ValuStrat Price Index covering Dubai’s residential market was up 6.1 per cent on a quarterly basis in the third quarter, with villa and apartment prices rising by 7.6 per cent and 4.8 per cent, respectively, during the period.

Aldar said 51 per cent of all buyers for its new project are under the age of 45, “indicating the desire of younger generations to reside in communities focused on health and wellness”.

Female buyers represented 24 per cent of sales and first-time buyers of an Aldar property accounted for 85 per cent of sales.

Construction of the first phase of the Haven development is due to begin in the second quarter of next year, with handovers expected in the third quarter of 2027, Aldar said.

Source : TheNationalNews

The post Aldar Generates $844m as First Two Phases of Dubai Project Sell Out on Strong Demand appeared first on Amora Escapes.