Cityscape: Aldar announces $1.4bn of new projects
Construction on three developments scheduled to begin in May
Aldar Properties PJSC has launched three major new residential developments in prime areas of Abu Dhabi, worth AED5bn ($1.4bn), including investment zones where property can be purchased by non-UAE nationals.
Off-plan sales for the three developments will commence in May, but visitors to this week's Cityscape Abu Dhabi can see models of the developments and register their interest, although prices will be announced at a later stage.
Construction is scheduled to begin in 2015 and complete by March 2017. Tenders for construction are likely to be announced in July.
The Ansam development -- the first phase of which comprises 540 golf fairway apartment units -- will overlook the award-winning Yas Links Golf Course on Yas Island.
Just across the bay from Yas Island, Aldar will develop the Al Hadeel development at Al Bandar on the popular Al Raha Beach Waterfront, offering 230 apartment and townhouse units.
The third development is located on Nareel Island where Aldar is offering a premier lifestyle residential waterfront master-planned development, comprising of 143 well-appointed villa plots that allow UAE nationals to develop bespoke homes. The island is close to the Al Bateen area of central Abu Dhabi.
H.E. Abubaker Seddiq Al Khoori, chairman of Aldar Properties said: “Following the successful completion of the integration process after the Aldar-Sorouh merger, we have focused all of our efforts on the implementation of our strategy. We are currently exploring 23 exciting real estate developments, excluding government projects, three of which have been announced today as part of the next phase of growth of our business.
"All our future developments will be carefully developed in line with market demand in Abu Dhabi. This exciting pipeline of real estate developments showcases our ability to monetise our land bank to increase cash flows, grow our recurring revenues and create value for our shareholders.”
Mohamed Al Mubarak, deputy chief executive and chief portfolio management officer of Aldar Properties added: “Our three new developments are in well-established locations where we are seeing strong interest in high-quality residential property. With leasing and sales activity in Abu Dhabi picking up significantly in the last year, this is the right time for Aldar to embark on the next phase of development, with the launch of well-designed projects that respond closely to end-user demand and support the Emirate’s economic progress. We therefore expect these developments to be popular among Abu Dhabi residents and long-term investors.”
Yas Island has developed into a major lifestyle and leisure destination in the Middle East in the last few years, thanks to the of the hosting of the Abu Dhabi Grand Prix at the Yas Marina Circuit, and the development of the Yas Marina, Ferrari World Abu Dhabi, Yas Water World, and the Yas Links Golf Course. Yas Mall, which will house over 400 retail outlets, is due to open in time for the 2014 Grand Prix in November. Occupancy at the seven hotels on Yas Island owned by Aldar increased to 75% in 2013, from 63 percent a year earlier.
Meanwhile, Al Raha Beach is a thriving community built alongside a natural beach front, adjacent to the main highway between Abu Dhabi and Dubai. Aldar has completed several world-class residential developments in the area in recent years, including Al Bandar, Al Zeina and Al Muneera.
Gurjit Singh, chief development officer of Aldar Properties said: “Yas Island has already become a prime lifestyle leisure destination in the region, and the opening of Yas Mall at the end of this year and the launch of residential developments will only add to its allure. Meanwhile, Aldar’s Al Raha Beach developments are highly sought-after because of their convenient location, close to Yas Island, the international airport, and important new economic projects, including the KIZAD industrial zone.”