Aldar delivers Al Bandar units

ABU DHABI — Aldar Properties has started handing over apartments to the owners at its Al Bandar project located within multi-billion dirham Al Raha Beach development. The move is expected to bring down the rents in the capital.

By Haseeb Haider

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Published: Sun 19 Sep 2010, 11:31 PM

Last updated: Mon 6 Apr 2015, 11:52 AM

Abu Dhabi’s largest property developer said that the first homeowner at Al Bandar, the first residential community with in the Al Raha Beach development moved in last week. It is the second major realty project, which is being handed over to homeowners.

An island development set around a world class marina, Al Bandar is home to modern apartments and duplexes, loft-style residences and larger family apartments, all with balconies and waterside views.

Al Bandar project is divided into three zones — Al Naseem, Al Barza and Al Manara. Al Naseem is made up of three glass-sided buildings with rippling façades of reflective walls and translucent balconies that reach out into the channel.

Al Barza features loft style studio, one-bed and two-bedroom apartments with an open-plan, gallery feel while Al Manara is a glass tower offering commanding 360-degree views.

The hand over will have enormous impact on the supply and demand equation in the housing sector in the capital which is expected to bring down rents.

Syed Basar Shueb, the general manager of Abu Dhabi Land, a property development and construction company, expected that the handing over of the properties will be interesting as it must affect the rents in the capital on the downside.

Property analysts long predicted five to 10 per cent drop in rentals, Shueb said, but actually there has been little impact on rents. However, with the improvement in housing supply situation, now the “key money” which was up to 10 to 20 per cent of the rental value, has gone.

“We have welcomed the first residents and look forward to welcoming more in the few coming weeks,” said Mohammed Abdulla Al Zaabi, Director of Estates of Aldar Properties.

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