Aldar Properties said on Monday that hand-over to homeowners has commenced at the beachfront Al Zeina residential development in its Al Raha Beach project.
"Delivery of the first phase of the development which consists of three precincts... began last week, with the remaining homes scheduled for delivery this September," Aldar said in a statement.
Al Zeina is the first beachfront residential development in Abu Dhabi available for purchase by national and international buyers and follows the delivery of the neighbouring Al Bandar community last September.
It includes apartments, penthouses and a range of townhouses and villas, some with private courtyards and pools.
"Al Zeina's quality and location and competitive pricing mean that it has been popular among current residents of Abu Dhabi who are renting but looking to buy, those who are interested in owning a property at a beach development as well as individuals who are looking for a luxury unit," said Mohammad Al Za'abi, Director of Estates at Aldar.
Meanwhile, Aldar Properties has appointed the Viceroy Hotel Group to operate the Yas Hotel, marking the Abu Dhabi developer's exit from hotel management.
The Yas Hotel, which overlooks the Formula One circuit on Yas Island, was the last of the eight hotels owned by Aldar it still operated.
The Yas property will be the first hotel managed outside the Americas by the US-based Viceroy, which is 50 per cent owned by Mubadala Dev-elopment, a strategic investment company owned by the Abu Dhabi Government.
Viceroy is also slated to operate a 250-room hotel, the Viceroy Abu Dhabi, planned for Sowwah Island, the new financial district developed by Mubadala.
Aldar reported a Dh189.1 million net profit for the first quarter of 2011, compared to a Dh314.2 million net loss in the corresponding period last year.
Aldar's Chief Executive Officer Sami Assad said in May the company will deliver over 2,500 residential units this year at its Al Muneera and Al Zeina developments on the Al Raha Beach project, besides 150 showrooms at Motor World, and one commercial tower at Al Muneera.
Aldar's portfolio of projects in the emirate of Abu Dhabi is valued at more than $75 billion with the entire portfolio slated to be completed and delivered in this decade.
"It's important to see more meaningful government-related projects being awarded to Aldar to validate its key role in the development of Abu Dhabi," Anastasios Dalgiannakis, Head of Trading at Mubasher Financial Services, told Gulf News.
The stock of Aldar on the Abu Dhabi Securities Exchange fell 2.34 per cent yesterday in a declining market to close at Dh1.25.
From / Gulf News