Real Estate Top Stories

Aldar Properties sell out spots in the second phase of Al Gurm development

The construction of the second phase begins in November and all plots come with a beachfront

Aldar Properties, Abu Dhabi’s biggest listed developer has sold all its 71 new plots at its Al Gurm development in the capital since the demand for prime real estate projects keep rising as the market continues to recover from the Covid-19 pandemic, according to media reports. The construction of the second phase begins in November and all plots come with a beachfront.

All 71 plots were made available exclusively to UAE citizens and they were all sold with each ranging in size from 900 to 4,400 square meters, according to a statement released by Abu Dhabi Securities Exchange.

The archipelago-styled islands cover a total area of 105,000 square meters and each plot will have access to exclusive beaches that are distributed across the Beach, the Canal, the Island.

Rashed Al Omaira, Chief Commercial Officer at Aldar Development told the media, “We continue to see demand for a wide range of real estate investment opportunities in Abu Dhabi, as evidenced by multiple sell-out launches of turnkey developments on Yas Island and Saadiyat Island in recent months, and now the completion of land plot sales at Al Gurm.”

“The luxurious waterfront community at Al Gurm is a unique product in Abu Dhabi. Situated amongst the iconic natural mangroves with direct access to the heart of the city, our new residents will be introduced to a living experience that is unrivalled.”

The first phase of Al Gurm is located in the mangroves in the capital finished its completion in 2010 and the developer also announced that its projects on Saadiyat Reserve and on Yas Island were all sold out.

Aldar Properties posted a net profit of $148 million in the first quarter of 2021. The company registered an 80 percent rise which was aided by the completion of a property transaction with state-backed ADQ.

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