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Aldar to build 2,600 homes on Al Raha beach in 2011, CFO says

Source:  www.arabianbusiness.com

Aldar Properties, Abu Dhabi’s biggest property developer, will build 2,600 homes in two projects on Al Raha Beach, Chief Financial Officer Shafqat Malik said in a phone interview late Monday.

The townhouses and apartments are part of the Al Zeina and Al Muneera projects on Al Raha beach, he said.

The developer, which is building thousands of homes and offices in the UAE’s capital, was hurt when the financial crisis caused property prices to drop by more than 30 percent as banks tightened lending and speculative demand evaporated.

Aldar said on January 13 it had agreed to sell real-estate assets, including a Ferrari theme park and convertible bonds, to the government for AED19.2bn dirhams ($5.2bn) to reduce its debt.

The company is currently focusing on completing its projects and expects to end 2011 with a profit, Malik said.

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