UAE’s Aldar Properties sold out land plots in the second phase of Al Gurm, a luxurious beachfront community in the emirate.
All 71 plots, available exclusively to UAE nationals, were sold with each differing in size from 900 to 4,400 sqm, the developer said in a statement on Monday on the Abu Dhabi Securities Exchange where its shares trade.
The company did not disclose its 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.”
Located in the mangroves in the capital, Al Gurm’s first phase was finished in 2010, and construction of its second phase will begin in September 2021.
The developer announced previously that its villa projects in Saadiyat Reserve and in Yas Island had been sold out.
Aldar Properties reported net profits of 544 million dirhams ($148.12 million) in the first quarter of 2021, representing an 80% increase, driven by a one-off gain from the completion of a property transaction with state-backed ADQ.