Aldar inks property agreement with Govt of Abu Dhabi

31 December 2011: Aldar Properties PJSC plans to sell unit sales, asset transfers and reimbursements to the Government of Abu Dhabi, for a total consideration of AED 16.8 billion. The transaction includes Residential Units at Al Raha Beach, Al Raha Beach Infrastructure and the Central Market.

The Government of Abu Dhabi purchased 760 three, four and five bedroom units within the Al Bandar, Al Zeina and Al Muneera developments in Al Raha Beach for a total consideration of AED 3.5 billion. Aldar retains ownership of the remaining inventory of units at Al Raha Beach, which are available for purchase or rent-to-own.

Source: Khaleej Times