Aldar to invest $517m on Yas and Reem Islandsby Jochebed Menon on Mar 20, 2017
Aldar Properties, Abu Dhabi-based property development, investment, and management firm, has plans to invest $520m (AED1.9bn) in recurring revenue assets on Yas Island and Reem Island.
The investments comprise mid-market residential, hospitality and leisure, and retail assets on the islands.
The amount of $517m (AED1.9bn) will follow the $300m (AED1.1bn) already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school, and Repton School.
In Reem Island, Aldar will develop 600 mid-market units for inclusion in its residential portfolio on the island.
Aldar will also develop Shams Marina, a mixed-use project that will comprise 329 marina residences, 192 serviced apartments, and a 262 key four-star hotel including a club house and private beach.
On Yas Island, the property developer will construct a four-star Yas Mall Hotel, attached to the mall. The hotel will have 349 rooms, of which 70 will be serviced apartments.
Aldar will build an extension to Yas Island’s retail portfolio which already includes Yas Mall, IKEA, and Ace Hardware. It will comprise a leasable area of 2.7ha, and will contain new car dealerships and dining outlets.
Commenting on the investment, Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: “The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long term recurring revenues.
“We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth.”
All projects announced are scheduled to start construction this year and complete during 2019 and 2020.