Aldar's Noya project sells out in four hours

Aldar Properties said it has the latest job on Yas Island sold out within four time of its launch.

The sell-out of the Dh940 million ($255.9m) project, made up of 510 townhouses and villas, escalates the developer's year-to-date sales to more than Dh3 billion, it said about Saturday.

“The strong response we received on Noya is a prime exemplory case of our commitment to provide the proper property that meets the marketplace require and expectations of customers. Additionally it is a clear testament to the effectiveness of Abu Dhabi’s market," Rashed Al Omaira, executive director of Aldar Houses' commercial division said.

Aldar Properties is the UAE's most significant listed property developer with market capitalisation of Dh22.64 billion at the end of last week. The company announced the start of Noya, located in an investment area on Yas Island, on Thursday. Engineering of the project will begin by the center of next season, with completion credited by mid-2023.

The company said that 60 % of the buyers were UAE nationals and that about half were beneath the age of 45.

Average apartment sale prices in Abu Dhabi's key residential zones fell by 5.6 per cent from the primary quarter of this year to the end of the 3rd quarter, Cavendish Maxwell stated in its third quarter market report on Thursday. Typical villa and townhouse prices fell 5.3 %.

Some 6,100 apartments and 450 villas are scheduled to get delivered by the end of the year, but actual handovers will tend to be much lower as tasks are delayed and developers period completions, the consultancy said.

Earlier this month, Aldar Properties reported an 8 % increase in third one fourth net profit to Dh416 million as earnings jumped 30 % on the prior-time period to Dh2.1bn. The business finished the one fourth with free income of Dh2.5bn and Dh4bn of undrawn credit rating facilities, which chief fiscal officer Greg Fewer said could be used to invest in acquisitions or further creation opportunities.

"Relative to the real estate markets inside our area, Abu Dhabi is quite in balance from a supply-demand point of view," he said.

"And we’re a market leader here so we have a very strong sense concerning just how much our market needs in any given cycle."