In 2020, Aldar Properties became the largest listed developer in Abu Dhabi after its shares rose to the highest value in six years as a result of a deal with the holding company ADQ. Consequently, it took over the projects of the Riyadh City, Baniyas North and other developments in Al Ain and Al Ghafra regions. In total, over 25,000 land plots and villas for UAE nationals are under the management of Aldar Properties. The value of the contract is AED 30B, USD 8B.
Due to the strong increase in property development and the government project management business, Aldar Properties has seen a consistent flow of work and interest even during the coronavirus pandemic. In fact, net profit of the company jumped to AED 544M, USD 148M in Q1 2021. In the same period last year, net profit amounted to AED 302M, USD 82M. This 80% surge was partially due to a one-off business deal with ADQ. However, even if the deal is not taken into account, their quarterly net profit still rose to 47%. Aldar Development achieved real estate sales of more than AED 1B, USD 272M for the third consecutive quarter, reviving the demand for prime property.
Noya Luma is the latest addition to the residential portfolio of Aldar Properties on Yas Island. The construction of the project is expected to start in November 2021 and the estimated handover date is February 2024. The project is open to buyers from all nationalities on a freehold basis and the development will feature 189 standalone villas. The starting price for a residence in Noya Luma is AED 2.4M, USD 653.4K.
Noya Viva is another recent project on Yas Island. It received a tremendous response from investors and end-users with 480 residential units sold within 48 hours. Following the success of the first phase, Aldar Properties launched the next phase with a further 480 homes. These villas and townhouses are available for sale at the minimum price of AED 1.6M, USD 435.6K.
Located on Reem Island, The Bridges development is a collection of six mid-rise towers with 636 apartments. It was completed in Q2 2020, and there are still a number of residences for sale and rent. Both homeowners and tenants in this community have easy access to a café, pop-up shops and outdoor gym equipment. Apartments in the Bridges can be purchased for a minimum of AED 580K, USD 158K.
Saadiyat Reserve, situated on Saadiyat Island, is one of the most anticipated villa projects by Aldar Properties. The estimated completion date is Q1 2022 and will feature a range of community facilities including a central plaza market, swimming pool, community amphitheater, tennis and basketball courts, volleyball court, and running tracks. The land plots in Saadiyat Reserve cost a minimum of AED 1.7M, USD 463K.