Aldar Properties, Abu Dhabi's listed property developer, said residential demand at Gate Towers on Shams Abu Dhabi has exceeded expectations.
More than 180 units were leased or sold in December. The new leases will help grow the recurring revenues of leasing portfolio with the unit sales generating approximately Dh100 million in revenues that will help fund new and future growth, the company said.
Aldar Deputy CEO Mohammed Al Mubarak said: “This significant sales and leasing activity reflects the quality of the development and the compelling community living proposition on Shams Abu Dhabi. This also marks an important moment in the return to growth of the real estate market in Abu Dhabi. We are witnessing a significant rise in demand for quality housing which is driving sales and leasing activity.”
Al Mubarak, added: “We have seen a significant jump in sales and leasing contracts at Gates Towers as reflected in recent real estate broker reports which indicate that Shams Abu Dhabi and the wider Al Reem Island is the best performing area in the capital.
“Shams Abu Dhabi also enjoys investment zone status while being in close proximity to Abu Dhabi Island and the new central business district, Sowwah Square. We are seeing a number of sub-developers launching construction works on Shams Abu Dhabi and the recent announcement giving owners of properties in investments zones freehold ownership of their properties is another compelling reason to invest in properties on Shams Abu Dhabi.”
Gate Towers' design inspired by England’s Stonehenge.
The wider Shams Abu Dhabi community is coming to life as sub-developers increase their activity and help shape the community. Aldar has handed over more than 190 units and to date there are more than 100 families living there.
Arabtec Construction announced that it was awarded the contract to build the second phase of the Gate Towers, which includes the fourth and final Gate Tower as well as the Arc, in accordance with Aldar’s master-development plan.
In addition to Aldar’s own projects and facilities, there are a total of 98 sub-developments planned on Shams Abu Dhabi. Eight of these have been completed, another eight are either already under construction or will commence in 2014-2015, and 61 have designs, which have either been approved by Aldar or are currently under review.