Aldar Leased Residential Portfolio Showcases High Occupancy And Continued Growth
25 November 2015, Abu Dhabi, United Arab Emirates: Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and management company, released figures today showcasing the exceptional performance of the Company's managed residential portfolio. Of Aldar's 4,732 residential units, 4,669 are currently leased representing a 98.7% occupancy rate. This demand is being driven by a continued flight to quality as well as a desire for "destination living" within Abu Dhabi.
In order to support the ongoing performance of its residential portfolio, Aldar is embarking on a series of community enhancements. Such enhancements include additional car parking, prayer rooms, CCTV, children's play areas and the replacement of light fixtures with more energy efficient LED systems. Demonstrating Aldar's commitment to working closely with its communities, much of this activity is being undertaken in response to demand from property owners and residents.
Commenting on Aldar's managed residential portfolio, Talal Al Dhiyebi, Chief Development Officer at Aldar said, "High occupancy levels across the portfolio ensures that we generate strong recurring revenues. Demand for quality homes is strong in Abu Dhabi and we are building a reputation for developing highly desirable communities that people want to call home. We are committed to providing a high quality of life for our tenants, as evidenced by our programme of enhancements."
Aldar's leased residential portfolio's net operating profit of AED 370.6 million represents year on year growth of 56.4% from AED 133.7 million during 2014
Speaking about the revenue growth, Talal Al Dhiyebi said, "Our strategy is delivering results and the market fundamentals are working in our favor. The year on year revenue growth of 56.4% shows that the recurring revenue stream from residential properties is now fully optimized and we are optimistic for the future."