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1,220 units at Al Raha completed

1,220 units have been completed this year at the Al Raha Beach development and another 800 units will be completed by the end of this month

Gulf News

Abu Dhabi: Abu Dhabi's largest real estate developer Aldar Properties' chief executive officer has said that 1,220 units have been completed this year at the Al Raha Beach development and another 800 units will be completed by the end of this month.

"A total of 116 showrooms have been completed in Motor City and tenants are moving in soon," Sami Asad told delegates at a MEED conference in the capital.

Asad said that Aldar is working on the Yas Mall on Yas Island and that work will be completed in 2013. The Yas Island water park project is due for completion in 2012, he added.

On October 31, Aldar Properties said changing market conditions had provoked the layoff of 24 per cent of its workforce.

In January, the emirate's biggest developer, agreed to sell real estate assets including a Ferrari theme park and convertible bonds to the government for Dh19.2 billion to reduce its debt.

Aldar reported its biggest quarterly loss last year after the global credit crisis drove down Abu Dhabi property prices by more than a third from their 2008 peak.

It reported a profit of Dh144 million for the quarter ended September 30, compared with a net loss of Dh731.2 million in the same period a year ago. Aldar recently appointed Greg Fewer, an executive at Mubadala, as it new chief financial officer.

Aldar's portfolio of projects in the emirate of Abu Dhabi is valued at more than $75 billion (Dh275.40 billion) with the entire portfolio slated to be completed and delivered within this decade.

The stock of Aldar on the Abu Dhabi Securities Exchange closed unchanged at Dh1.04 yesterday.

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