Aldar properties unveils plans for new projects over next few months
Posted on 24th October 2014
Aldar Properties will launch new projects in the next three to four months. Aldar, Abu Dhabi's largest property company and majority-owned by the Emirate's government, was rescued by a US$ 10 billion state bailout in 2010 following a market crash, but is now resurgent following a merger with rival Sorouh Real Estate and a dramatic recovery in most segments of the United Arab Emirates' property sector.
The company's new projects will mostly target mid-income buyers and tenants revealed chief financial officer Greg Fewer on the sidelines of a conference in Dubai, although he did not provide details. Fewer said Abu Dhabi house prices had risen 25% over the last 12 months and were now "healthy and stable".
Aldar is expected in coming weeks to announce its third-quarter earnings. Two analysts polled by Reuters forecast the real estate company would make a third-quarter net profit of between AED382.6 million and AED 441.9 million (US$104.2-120.4 million). That compares with a quarterly profit of AED 407.5 million in the prior-year period. Aldar's second-quarter profit more than doubled from a year ago.Back to all Construction News
Share this story: