Aldar's Al Rayyana already fully let
Scheme containing more than 1,500 apartments let within six months
Aldar Properties has announced that its Al Rayyana residential community next to Abu Dhabi golf club is already fully let after just six months on the market.
The gated community scheme contains 1,537 apartments across 33 low-rise blocks next to Abu Dhabi Golf Club.
Aldar said that leases for the one-, two- and three-bed apartments had been signed with both individual and corporate tenants, with lease agreements mixed between long term, medium term and annual leases.
Deputy CEO Mohammed Al Mubarak said: “Achieving 100% occupancy on a development as large as Al Rayyana places us significantly ahead of our expectations and is unprecedented in the Abu Dhabi market.
"This success reflects the quality of the development and the demand for a sophisticated medium and long-term leasing model by corporate tenants," he added.
"We now have good visibility of our earnings at one of our key recurring revenue developments and the bulk leases have diversified risk, minimise churn and allowed us to achieve premium rental on units."