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UAE: Aldar launches $350m mid-market development

Aldar Properties is capitalising on the demand for mid-market projects with the launch of The Bridges on Reem Island, a 1,272-unit project with a projected value of $350m

The Bridges comprises two plots separated by the new 2.4km canal that runs through Reem Island.
The Bridges comprises two plots separated by the new 2.4km canal that runs through Reem Island.

Abu Dhabi-based developer, Aldar Properties PJSC, has announced the launch of a mid-market residential development called The Bridges.

A 1,272-unit development with a projected value of $350m (AED1.3bn), The Bridges comprises two plots – each containing three towers – separated by the new 2.4km canal that runs through Reem Island.

In a statement, the company said that it intends to capitalise on the demand for mid-market projects, and will launch one tower for sale at Cityscape Abu Dhabi, which will run from 18 to 20 April. 

Prices will start from $122,500 (AED450,000), with eight different unit types available, including studios, and one-, two-, and three-bedroom apartments.

The company further noted that the addition of the three towers, comprising 636 homes, into its leased residential portfolio underlines Aldar’s confidence in the growing mid-market segment.

Mohamed Khalifa Al Mubarak, CEO of Aldar, commented: “We have launched The Bridges in order to cater to the significant demand for high quality, yet affordable homes in prime investment zone destinations across Abu Dhabi. 

“Set alongside the new Reem Island canal and situated close to Abu Dhabi’s business and cultural districts, The Bridges will appeal to both investors and owner occupiers.”

The Bridges will reportedly embody the ideal balance between community and city living, and will be situated next to the new public park, which will be unveiled at Cityscape. Residents will have access to views of green parks and to amenities that include two indoor gymnasiums; a spacious private courtyard with swimming pools for children and adults; and an outdoor fitness area. 

The project is expected to commence construction in the fourth quarter of 2017 and be ready for handover by the first quarter of 2020.

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Construction Week - Issue 746
Jul 20, 2019