Green Emirates Properties, a real estate joint venture between First Gulf Bank (FGB) and three Abu Dhabi property companies, said it has sold out on 17 projects worth more than Dh12 billion.
General Manager Ibrahim Eskiocak told Emirates Business all of the mixed-use property projects managed by the company have been sold out. The company, which was established in mid 2007, is owned by FGB with a 40 per cent stake with Aldar Properties, Sorouh and Reem Investment each having a 20 per cent stake.
“As of today, we have launched and sold 17 projects covering an area of 10 million square metres worth more than Dh12 billion. We have many more projects in the pipeline, with the current rate continuing this year and beyond,” he said.
Green Emirates Properties’ projects have so far included 6,000 units, including apartments, town houses, villas and commercial premises. “We expect the number of units to reach 10,000 by the end of this year,” Eskiocak said.
The company’s first tower project was Jumeirah Bay in Dubai. Other projects include Solaris towers, Ocean Terrace, Marina Blue, Addax Office Tower, various buildings on Reem Island, and Seashore Villas in Abu Dhabi’s Officers District.
Projects in Dubai include Burj Al Nujoom, Burj Al Noor, The Clover and The Opal Tower.
Despite the current focus on Abu Dhabi and Dubai’s markets, Eskiocak said the company plans to enter other markets, especially Ras Al Khaimah, in the next three to five years.
“Our prime focus is on these two markets, but entering other markets in the UAE and outside is also possible. There is appreciation from our clients. Both buyers and sellers of our properties are happy with us. So there will be many, many projects coming over the next few years. The current frequency of project launches will continue and will increase,” he said.
Anshu Shukla, Director of Abu Dhabi Freehold and head of Investor Relations at Green Emirates Properties, said they have a diverse customer base, including UAE and GCC nationals and expatriates.“At the end of last year, we completed and handed over more than 230 villas in Seashore Villas near the Officers’ Club to national customers. This was our first project fully completed and families have already moved in. The project covers an area of 1.2 million square feet with a budget of more than Dh1.5bn. The project has two-bedroom, three-bedroom and four-bedroom villas,” she said.
She attributed the quick sale to the huge gap in demand and supply of residential units in Abu Dhabi, and the resulting high rents.
“That is one reason people prefer to own properties rather than rent.” Another reason is end-user finance, which has made easy loans available to buyers.