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Abu Dhabi-based real estate developer Aldar Properties' development projects across the portfolio are estimated to have reached $65 billion, chief executive officer Ronald Stephen Barrott said.
"We have 34 million square metres of land under development. The projects are to be delivered in a time-line ranging from five years to 15 years," said Barrott.
He said the general outlook on the property market was very good for 2008, with Abu Dhabi in particular set to gain further strength as it was a unique market and growing very quickly.
"There's a sustainable growth model being developed in the UAE, Abu Dhabi in particular. The outlook for Aldar is in line with its business plan," said Barrott.
"The market in Abu Dhabi looks very bright. With the Urban Planning Council drawing and releasing its 2030 plan for Abu Dhabi, the market here is poised to grow in a very controlled and professional manner."
He said there was tremendous interest in the Abu Dhabi from people around the world due to its sound economy.
People wanted to purchase property there and Aldar was working towards meeting its deadlines for developing houses, schools, healthcare facilities and retail and office facilities to meet current and future demand of investors, said Barrott.
Deliveries
He said Aldar had begun delivering houses to UAE nationals in Abu Dhabi's Al Raha Gardens. The project has more than 1,300 housing units.
Al Raha Gardens has been the first development sold to UAE nationals in Abu Dhabi on a freehold basis.
Conceived as a fully integrated community development, it comprises a range of residential accommodation ranging from spacious three-bedroom townhouses to luxurious five-bedroom villas set in open parks and landscaped environment.
Barrott said Aldar opened its first school last September and would open a second school next September. Another two schools are set for opening in September 2009, he added.
In addition, Barrott said Al Muneera and Al Bandar properties - residential buildings on Abu Dhabi's Al Raha Beach, will be delivered to owners - expatriates as well as UAE nationals - in the last quarter of 2009.
"Aldar's headquarters would be ready by late summer of 2009," Barrott added.
He said Aldar's capital value was currently £3 billion, and growing.
On Aldar expanding its overseas business in 2008, Barrott said the company will be looking at all available opportunities. It currently is operating in Malaysia, Kazakhstan and Morocco with its partners.
"We would like to move into one of the mature property markets, provided there's right opportunity," he added.
Via Gulf News
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