Posted by Neil King
Dubai's biggest property developer is set to build hundreds of new homes in Abu Dhabi in the coming years.
Aldar Properties is hoping to construct 272 apartments and 75 villas and townhouses in the region, the firm's chief executive officer John Bullough said.
It has already sold a number of the new properties off-plan, but the remainder of the homes are set to be put on the market at a later date.
Aldar Properties' confidence points to a revival in Abu Dhabi's housing market.
Commenting on the latest development project, Mr Bullough said: "Now we are pressing ahead with working up the construction programme for the project and the anticipated completion date is August 2012.
Credit Suisse analyst Ahmed Badr said: "[The move] shows that there are investors still interested in the real estate market."
Recently, a Gulf Organization for Industrial Consultancy report showed that economic growth in the Gulf Cooperation Council region stood at 5.5 per cent last year.