Aldar Properties unveils $197m Saadiyat Reserve in Abu Dhabi
Work on the 42.2ha residential community project will begin in the first quarter of 2020, with handover set for mid-2022
Abu Dhabi Securities Exchange-listed (ADX) Aldar Properties has rolled out the $196.6m (AED722m) Saadiyat Reserve – its first residential community since the introduction of new real estate laws in April 2019 that allowed foreign buyers to own freehold property in investment zones in Abu Dhabi – close to New York University Abu Dhabi and Louvre Abu Dhabi at Saadiyat Island, with the development set to feature 306 infrastructure-fitted land plots.
In a stock market filing, the developer said work on the project would begin in the first quarter of 2020, with handover set for mid-2022.
Aldar has launched the 42.2ha Saadiyat Reserve following the sale of Alreeman, Alreeman 2, and Lea, which generated total sales of $653.4m (AED2.4bn).
Plot sizes within Saadiyat Reserve range from 600m2 to 1,400m2 and can be used for four-, five-, and six-bedroom residential units.
The community will also include community centres, parks, schools, mosques, and other retail facilities.
Commenting on the project, chief executive officer of Aldar, Talal Al Dhiyebi, said: “Saadiyat Reserve strongly complements our existing portfolio of high-quality assets on the Island, such as Mamsha and Jawaher, and will benefit from the wide-scale infrastructure work we were recently awarded by the Abu Dhabi Government.”