Aldar Properties PJSC announced that its latest development Alreeman II, located in the Alshamkha area of Abu Dhabi, has generated 420 million dirhams ($114 million) on the opening day of sales, with over 75 percent of the land plots sold.
This positive response to Alreeman II, coupled with the strong performance of Aldar’s prior 2019 development launches — Alreeman and Lea — indicates the attractiveness and stability of Abu Dhabi’s real estate market, the developer said.
Alreeman launched in January, generating 1.6 billion dirhams in sales. Of those purchasing land at Alreeman II on the opening day of sales, 70 percent were new customers to Aldar. Additionally, 20 percent of customers opted to purchase their land plot on a 50/50 payment plan.
Maan Al-Awlaqi, executive director — commercial at Aldar, said: “The strong response we received for Alreeman II is a prime example of customer appetite and a great testament to the strength of Abu Dhabi’s real estate market. Following the success of Alreeman in January, we wanted to ensure a much smoother customer journey and an enhanced experience with Alreeman II — and we were pleased to receive a lot of positive comments from our customers — in particular those who had never bought from us before.”
He added: “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. Alreeman II is a real growth story with 70 percent of buyers being new customers to Aldar.”
Alreeman II is a 1.7-billion dirhams residential community, available exclusively for purchase by UAE nationals. Spread across an area of 2.4 million square meters, the development features villa plots ranging from 500 to 1,000 square meters in size. The community offers residents a range of amenities including a school, retail offerings, parks, mosques, and running and cycling tracks. Construction of Alreeman II will commence at the end of 2019, with the first handovers taking place at the end of 2021.
