Gate Towers handover boosts Aldar's sales

Abu Dhabi's biggest developer reports 22% increase in 2014 revenues to $1.78bn

The Gate Towers project on Reem Island, Abu Dhabi.
The Gate Towers project on Reem Island, Abu Dhabi.
Yas Mall on Yas Island is now fully let
Yas Mall on Yas Island is now fully let

Aldar Properties said that the handover of units at its Gate Towers projects on Reem Island in Abu Dhabi helped to grow its revenues for 2014 by 22% to $1.78bn (2013: $1.46bn), although profits grew by just 2% to $618m.

The company delivered more than 7,000 residential units in 2014. Almost 2,000 of these were units that had been sold to customers, 2,800 were added to its own residential portfolio and the remainder were homes completed for national housing projects.

The company said that its 2,800 properties at The Gate Towers and al rayanna were fully leased a year ahead of schedule, and that occupancy rates in its residential portfolio sand at 97%.

It also said that its flagship Yas Mall project, which was launched during the weekend of the F1 Abu Dhabi Grand Prix on 19 November, is also fully let, while leasing rates in its office portfolio increased from 82% at the start of the year to 91% at the end.

CEO Mohammed Khalifa Al Mubarak said: "We have a development plan with the potential to launch 7,300 units across our existing destinations over the next four to five years. Our focus remains on bringing high quality real estate products to our customers in line with market demand."

The Gate Towers project on Reem Island, Abu Dhabi

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