Abu Dhabi's Aldar Properties has earmarked Dh5.2 billion ($1.42 billion) for capital spending over the next two years, its chief financial officer said on Tuesday.

Greg Fewer was speaking after the emirate's largest listed real estate developer reported a 15 per cent jump in its first quarter net profit which soared to Dh654 million ($178 million) from Dh571 million ($155.4 million) last year.

Much of this year's spending will go towards closing out large projects it has now completed, as well as putting infrastructure in place to help with unit deliveries from 2017, company executives told a conference call.

Abu Dhabi's real estate market was stable in the first quarter, according to consultants JLL, having flattened out in 2015 after two strong years of growth. According to another consultant, Cluttons, the value of villas fell by 1.4 per cent during the period while apartment prices remained unchanged.

Aldar, however, has continued to announce new schemes, including the Dh6 billion Yas Acres golf and waterfront development due to be completed by the end of 2019.

Executive director Talal Al Dhiyebi said on the conference call that while the company was helping customers with more flexible payment plans for properties, it was not reducing its prices in response to the slowdown.

During the first quarter, Aldar sold 320 units worth Dh940 million in off-plan development sales, according to a bourse statement. It did not give a comparative figure.-Reuters