Two Residential Developments Of Aldar Properties Are In Their Final Stages Of CompletionFriday, March 30, 2012
The director of estates in Aldar Properties, Mohammad Al Za’abi says that the two beachfront residential developments of the company namely, Al Zeina and Al Muneera, are in their final stages of completion. These residential developments are expected to be ready for handover by the end of the second quarter of 2012.
Al Muneera consists of 1455 units out of which 11 are villas, 148 are townhouses and 1286 are apartments. A 12 storey building consisting of offices called Al Noor also lies in this development. On the other hand, Al Zeina consists of 1221 units out of which 124 are attached and semi attached villas, 26 penthouses, 119 townhouses and 952 apartments.
Almost 80% of the buildings in both the developments have already been sold. Almost 28% of the buildings sold at Al Zeina and 40% at Muneera are occupied and more owners are expected to move in. The developer is only offering Rent to Own (RTO) programmes at Al Zeina with the further plans to extend the schemes for Al Muneera properties.
Aldar says, if a tenant converts to RTO scheme, it would return him 100% of the first year rents and 90% of the second year rents. This returned amount would be considered down payment, which would make 15% of the purchase price. The developer has decided to offer the market rate for RTO programs and 150 units have been planned to offer for RTO.
The selling prices of the units in Al Zeina are quite low as compared to earlier times. The rate during peak time was Dh 16,000 per square meter and now it has been slashed to only Dh 10,400 per square meter. This is because the rates have been constantly revised as per the market performance.
At Al Zeina, Aldar has announced a service charge rate of Dh 103 per square meter. For beach villas, the rate of service charge starts from Dh 54. On the other hand, the rate of service charge at Al Muneera starts from Dh 72 and for apartments, the rate starts from Dh 117.
Al Za’abi also adds, since we are fair with the tenants, money left from service charges, is given back to the tenants at the year end. For five years it has been a constant practice. Aldar says that the communities offer a wide choice of amentias like swimming pools, separate prayer rooms for males and females, gyms and children care centres.
Al Bateen Park development consisting of 76 townhouses and villas and 284 apartments is expected to be handed over in August 2012. Moreover, Al Ward, consisting of 28 villas in Khalifa City A is also expected to be complete in the next two months.