Aldar to hand over 5,000 homes in new development

Aldar Properties, the largest developer in Abu Dhabi, is preparing to deliver almost 5,000 homes as the first phase of one of the capital's biggest housing developments approaches completion.The housing allocation committee, whichassigns Abu Dhabi residential plots, is compiling a list of eligible residents for 4,857 villas in the Al Falah area. The villas will be provided free to Emirati families as part of a drive by Abu Dhabi's Urban Planning Council to develop more than 13,000 new properties for UAE nationals during the next four years.The Al Falah development occupies a total area of 12.5 million square metres, east of Abu Dhabi International Airport. The first phase of the project will be completed by the beginning of next year, with the remainder finalised by the end of the year, Jabar Al Suwaidi, the chairman of the allocation committee, told the Wam news agency. Upon completion, the development will provide facilities, including schools and shopping centres, for 60,000 residents. The handover comes on the heels of another in the Al Raha Beach area, where Aldar is expected to deliver 3,000 homes this year, and the sales of completed units in the Al Gurm and Al Bandar areas. Aldar swung to a profit of Dh127.3 million (US34.6m) for the second quarter, from a loss of Dh475m a year earlier, after booking revenues from the sales of properties worth Dh775m. From / The National