Aldar Properties, Abu Dhabi's biggest developer, said it has sold all apartments at three buildings within the first phase of its new Grove District on Saadiyat Island.
Sales at Grove Museum Views, Grove Beach Views and Grove Uptown Views, which began on June 25, amounted to Dh600 million ($163.3m), Aldar said.
Due to “overwhelming demand”, Aldar released units for sale at a fourth building in the district, Grove Gallery Views, it said.
“Located at the centre of three cultural institutions, Grove District has commanded overwhelming interest from both local and international buyers,” said Rashed Al Omaira, chief commercial officer at Aldar Development.
“The development was so well received by the market that we brought forward the second and third buildings ahead of schedule to meet customer demand and we are now recording strong interest in the fourth building.”
Units at Grove Gallery Views start at Dh905,000 for a studio, Dh1.4m for a one-bedroom unit and Dh2.3m for two-bedroom properties. Sales are open to buyers of all nationalities.
Aldar said that 37 per cent of sales for the first phase of its Grove District were completed by non-resident buyers, representing the highest demand from this segment at any of its developments.
Residents accounted for a further 27 per cent while the rest were purchased by Emirati homebuyers.
The Grove District is located within Aldar’s flagship Saadiyat Grove development, close to Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi.
The development will include a total of five residential buildings with 612 units. Once completed, Saadiyat Grove will feature 60,000 square metres of retail, entertainment and leisure spaces, and will have two hotels and co-working spaces for new enterprises and start-ups.
There will be a residents’ lounge, art workshop spaces, swimming pools, gyms, a luxury games room, and direct access to a jogging track and meditation lawns.
Earlier this year, Aldar also launched Louvre Abu Dhabi Residences, located within Saadiyat Grove, which will feature 400 units and is scheduled for handover in 2025.
Other major developments unveiled in the capital this year include Reem Hills on Reem Island, Bloom Living close to Abu Dhabi International Airport and Jubail Island.
Earlier this week, Aldar announced the launch of Yas Golf Collection, a Dh1.7 billion resort-style development that aims to tap into the growing demand for property on Yas Island.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
Mobile phone packages comparison
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Rafael Nadal's record at the MWTC
2009 Finalist
2010 Champion
Jan 2011 Champion
Dec 2011 Semi-finalist
Dec 2012 Did not play
Dec 2013 Semi-finalist
2015 Semi-finalist
Jan 2016 Champion
Dec 2016 Champion
2017 Did not play
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
