Real estate developer Aldar Properties said that Phase 1 of its $462.8m (AED1.7bn) masterplanned Alreeman 2 community in Abu Dhabi's Alshamkha area had generated sales worth $114.3m (AED420m), with more than 75% of land plots within the Emirati-only project sold.
Alreeman 2 follows the January 2019 launch of Alreeman, which generated $435.5m (AED1.6bn) in sales for Aldar.
Construction on Alreeman 2 will start in end-2019, with handovers starting from end-2021.
Of the customers buying land in Alreeman II, 70% were new to Aldar, and 20% opted to purchase their land plot through a 50-50 payment plan, which Aldar said was aimed at providing an “enhanced customer experience for everyone looking to purchase land or homes”.
Commenting on the development, Aldar’s commercial executive director, Maan Al Awlaqi, said: “The strong response we received on Alreeman 2 is a prime example of customer appetite and a great testament to the strength of Abu Dhabi’s real estate market.
“This launch confirms that there is pent-up demand for affordable, infrastructure enabled land plots in Abu Dhabi, where owners can build their homes to their exact specifications and taste.”
(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers