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May 10, 2015

Aldar Properties initiates public sale of Abu Dhabi island community

InterContinental Hotels Group has reported a profit drop of 43 percent in 2007, after the firm sold fewer properties than in 2006. Net income fell to £231m from £405m a year ago, but revPAR increased seven percent. Operating profit increased 19 percent to £237m and sales from

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UAE-based property developer Aldar has launched the first public sales phase for 32 land plots on Nareel Island, a master-planned island community in Abu Dhabi.

The sales initiative was taken up by the firm as the off-market sale of phase one indicated strong demands across the Arab country.

Sales reservations from the off-market operations involved commitments of around AED500m ($136.1m).

"The exceptional location of Nareel Island in the heart of Abu Dhabi makes it a once in a lifetime opportunity for Emiratis."

Aldar Properties CEO Mohammad Al Mubarak said: "We are pleased to launch the public sales phase of Nareel Island following the strong demand we saw in the off-market sales period.

"The exceptional location of Nareel Island in the heart of Abu Dhabi makes it a once in a lifetime opportunity for Emiratis who are looking to build homes for themselves and future generations."

The island community is located near to the Al Bateen area in the central parts of the country capital, Emirates Palace and Etihad Towers.

The planned development consists of two islands, including 148 villa plots, many of those having waterfront access.


Image: Aldar to initiate sales of plots at Nareel Islands. Photo: courtsey of Aldar.

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