Aldar Properties has sold 90 per cent of its properties at the Al Raha Beach Gardens project in Abu Dhabi – with the remainder set to be sold in a short time, the company said.
The project would be delivered in 24 months and Aldar is set to announce more major projects in the coming weeks.
Al Raha Beach Gardens includes villas, schools, commercial units and restaurants.
Executive Chairman for Institutional Support Abdullah Issa Zamzam said Aldar had handed over the first phase of 208 villas and this year it will deliver 1,388 villas of the second and three phases.
In a fourth phase of the project, Al Raha Town Centre will be built and completed in 2011, said Zamzam. He said the total cost of the project was Dh1.8 billion.
Zamzam said 470 villas from the second phase will be delivered in April, while 640 villas from the third phase will be handed later this year. Zamzam denied any increase in the prices of villas because of a rise in construction costs.
“The company will be committed to prices announced two years ago. And when we set the residential unit prices we took into account any raw material price rises, especially construction materials,” he said.
About the property-related services, Zamzam said Aldar was ready to take responsibility of the management and maintenance of Al Raha Beach Gardens residential units only after owners’ approval.
The company’s work is integrated and covers construction, management, maintenance, air-conditioning and everything related to housing units, he said.
Al Raha is a freehold project for UAE nationals and Aldar will offer residential projects for expatriates and foreign owners at Al Raha Beach – opposite Al Raha Beach Gardens.
Meanwhile, Aldar has met with the members of the Royal Institute of Chartered Surveyors of the United Kingdom and has announced its application of institute criteria of building service fees.
Aldar is the first company to apply for the institute’s criteria in the Middle East.
Aldar CEO Roland Barrott said agreements would be signed with owners and tenants of its properties to offer them services for an annual fee.
“We will apply these criteria to Al Raha Gardens. The annual service fee will depend on the value of the property. We do not seek to make money… [with service fee] rather our target is to extend better service.
“If we will find out at the end of the year that our fee is higher in value than the services, we will reduce it immediately and return the excess money.”
Zamzam said Aldar does not want to impose restrictions on nationals who booked the villas and want to sell it after a some time.
Some nationals buy property to live in while some see it as a good investment. It is their property and they can use it the way they like, said Zamzam.
Zamzam said the project– which is surrounded by the green environment – is close to the airport, Al Raha Beach Hotel, the new cricket ground and the centre of Abu Dhabi.
The price of a villas ranges from Dh1.3 million and Dh4m. There are several types of villas, the largest has an area of 480 square metres. It has five rooms and a garden. Others have three or four rooms and are built in the middle of gardens. The villas have traditional or European designs.
Aldar’s beach project is ‘90% sold’