Aldar Properties will start marketing its first major apartment project on Yas Island on Saturday.
Abu Dhabi’s largest listed property developer will build the Ansam project comprising 540 apartments next to the Yas Links golf course.
Prices are understood to start at about Dh705,000 for a 574 square foot studio apartment. Average prices at the project stand at about Dh1,500 per sq ft.
Aldar added that it was offering customers who paid 100 per cent of the purchase price up front a 10 per cent discount. Customers who pay 50 per cent of the purchase price up front will receive a 5 per cent discount.
Aldar, which last month returned to the market after four years selling all 233 off-plan apartments at its Al Hadeel project at Al Raha Beach, said that sales would take place on a first-come-first-served basis at 8am at the Crowne Plaza hotel on Yas Island.
The company said that more than 2,000 potential purchasers had already registered their interest at Cityscape Abu Dhabi in April and on its website.
“This is the first residential development available for sale to non UAE nationals on Yas Island,” said Mohammed Al Mubarak, the deputy chief executive at Aldar. “Initial interest at Cityscape was very positive and following the sellout of Al Hadeel, we are confident that Ansam will experience even stronger demand.”
Property agents in Abu Dhabi said that the selling price was lower than the Dh2,000 per sq ft existing studio apartments in Al Raha Beach were currently achieving, but roughly similar to prices for completed studio flats in other investment areas around the city such as Reem Island.
“There is very little stock at the moment in Abu Dhabi, especially one-bedroom flats and studios,” said Almer Agmyren, the managing director of Abu Dhabi based Rex Real Estate.
“Although the price is comparable to existing studios which we are selling in areas such as Reem Island we still think it looks very good,” Mr Agmyren added. “Especially given the location on Yas Island, where there are already a lot of luxury hotels and the fact that it is next to the Yas Links golf course. The prices look likely to increase over time.”
The project is only Aldar’s second off-plan scheme to come to the market since 2010.
Like many developers, Aldar expanded rapidly during the boom and was hit hard by the global financial crisis, prompting the Abu Dhabi Government to initiate a series of asset purchase plans with the company. Under the agreements, the Government purchases infrastructure assets from Aldar as the company completes them.
During the first quarter, Aldar reported a 194 per cent increase in profit, much of which the company attributed to its programme of infrastructure sales to the Government.
The company says that it plans to launch at least two new schemes in the emirate every six months.
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