The off-market sale of plots on Nareel Island, off Abu Dhabi’s Al Bateen coast, has generated Dh500 million in committed sales from just 27 plots for Aldar Properties, the largest developer in Abu Dhabi. It is now selling 32 more plots of the total 148 on the island, with a starting price of Dh7 million.
“During the off-market sale of the first phase, Nareel Island saw strong demand from Emiratis across the UAE, and we have committed sales reservations for 27 plots, with a value of almost Dh500 million,” the company said in an emailed statement sent to Emirates 24|7.
The developer has not released information related to number of plots sold since its May 10 launch.
The new plots range from 1,000 to 5,000 square metres, with prices depending on their location, view and size. A simple calculation shows the biggest (5000 square metres) plot could sell for an estimated Dh35 million.
As the island is not in an investment zone and the plots are therefore only open to UAE nationals, the company said. This means nationals will not be able to resell these plots to foreign expatriates.
Asked about the payment plan and time span given to complete the houses, the developer said buyers have been given four payment plan options (each with a different down payment and pricing package), but gave no further details.
The project’s official website, however, states that there are three payment plans: Buyers are offering 10 per cent discount if they pay 25 per cent reservation, 25 per cent (15 January 2016) and 50 per cent at handover; for a 15 per cent discount, one has to pay 50 per cent at reservation and 50 per cent on handover and for a 17.5 per cent discount one needs to pay 100 per cent payment upfront.
The statement sent to Emirates 24|7 also reveals it has already completed significant enabling works on the island, including grading, beach works and retaining walls.
Besides, investors will be given ample time to complete their homes once the plots have been handed over to design, build and own their unique homes.
“Owners will need to comply with a set of building guidelines in accordance with Abu Dhabi Urban Planning Council, and the properties will need to be developed in line with the community’s aesthetic identity,” the developer said.
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