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Aldar's Al Raha Gardens reaches key milestones
- United Arab Emirates: Wednesday, February 06 - 2008 at 07:21
- PRESS RELEASE
Aldar Properties, Abu Dhabi's leading integrated real estate developer, announced the successful completion of the first phase of their residential community, Al Raha Gardens in Abu Dhabi.
The villas and town houses are available on a freehold basis to UAE nationals. Handing over the keys to these spacious family dwellings began in August 2007 and 37 are now occupied with 121 handed over to purchasers. Construction of the remaining 1,100 villas is ongoing and the expected completion date is 2009. Handover of phase two is scheduled to commence in February 2008
"Al Raha Gardens is one of Aldar's most prestigious residential developments, offering the first freehold properties to UAE nationals in the Emirate of Abu Dhabi," said Ronald Barrott, CEO, Aldar. "We are a developer who respects our Emirati heritage, and have also included two schools and a kindergarten ensuring our Emirati customers enjoy a premium integrated lifestyle."
Commenting on the announcement, Andrew Broderick, Head of Health and Safety at Aldar said: "Achieving these milestones has been a joint effort from all involved in the project, from senior management to site operatives improving standards through education at all stages of construction.
"The development of a positive health and safety culture takes time but our record at Al Raha Gardens is a testament to the high esteem that this company attributes to it. I congratulate the team on paying excellent attention to detail when it comes to safety in order to deliver this significant accomplishment," he added.
Aldar Properties' land bank is the largest in Abu Dhabi and the company has over $60bn developments including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.
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About Aldar Properties:Aldar Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. Aldar was created to spearhead developments of Abu Dhabi's strategic sites was created to fast track real estate investment opportunities within Abu Dhabi and the Emirates in order to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.
Since its inception in 2004 through a share offer (IPO) of Dhs1.5bn ($408m) on the Abu Dhabi Securities Market, Aldar has already announced more than $60bn worth of developments. The Aldar issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented Dhs373bn ($102bn) in demand. Aldar's market capitalization is $3.5bn as of May 30th 2007. Total retail area across all developments is currently over 1.5 million square meters. The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors.
The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.
Aldar's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
For more information, please contact:
Rosanne Blake
Buchanan Middle East
Mob: +971 50 2262 771
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