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Aldar Properties unveils $544m Alreeman near Abu Dhabi airport

The 280ha mixed-use development expands the Abu Dhabi developer's mid-market portfolio

Aldar Properties has launched the $544.5m mixed-use development Alreeman [pictured] in Abu Dhabi's Alshamkha.
Aldar Properties
Aldar Properties has launched the $544.5m mixed-use development Alreeman [pictured] in Abu Dhabi's Alshamkha.

Abu Dhabi development giant Aldar Properties has launched $544.5m (AED2bn) mixed-use development, Alreeman, in the Alshamkha area near Abu Dhabi International Airport.

Spread over an area of 280ha, the mid-market development offers residential and commercial land plots available for purchase by all nationalities, Aldar said in a statement.

Sales for the land plots will start on 19 January, 2019 at Aldar’s sales centre on Yas Island, with prices starting from $187,849 (AED690,000) for villa plots and $1.23m (AED4.69m) for commercial plots.

READ: Aldar Investments eyes growth with warehousing assets

The developer said a “key feature” of Alreeman is the “purchaser’s ability to design their villa or apartment according to their exact specifications within the approved [gross floor area] limits”.

Construction is expected to start sometime in 2019, Aldar added, with “infrastructure-enabled land” targeted for customer handover in 2021.

Speaking on the launch, Talal Al Dhiyebi, Aldar’s chief executive officer, said: “Catering to the mid-income segment, this development responds to market demand to live in a desirable community with a wide range of facilities, while also appealing to investors looking to construct apartment buildings or villas to generate recurring income.”

READ: Abu Dhabi's Aldar awards main contract for $2.7bn Alghadeer

Maan Al Awlaqi, executive director for commercial at Aldar, added: "On the back of our successful mid-market developments – the Bridges, Waters Edge, and Alghadeer – we are witnessing significant pent up demand for mid-market land plots.

“Offering smaller, more efficient sizes in a desirable up-and-coming location, with ready infrastructure and places of interest in the vicinity, Alreeman represents compelling value.”

Earlier this month, Aldar confirmed it is targeting the middle of 2019 to complete Mamsha Al Saadiyat, with building façades at the luxury beachfront development now complete and the finish line now “coming into view”.

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Construction Week - Issue 761
Mar 21, 2020