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Aldar's projects to reshape capital's real estate sector

The property portfolio of Aldar Properties includes Al Raha Gardens comprising 1388 luxury villas which were sold out to the UAE nationals, the project is located just outside the city.

Al Raha Beach, a new city will be a mixed use, leisure life-style development with premium waterfront properties. There will be 60-low rise towers, with commercial and residential spaces, nine luxury hotels and other infrastructural facilities.

Aldar's third project is the Central Market located in the heart of the capital involving a 55-storey structure including three towers, two hotels, office and residential spaces and a sooq.

Aldar Properties, a pioneering real estate company in Abu Dhabi yesterday took a media group to the construction sites to abreast them with work in progress.

The project managers at the three under construction projects briefed the reporters on their projects and provided them opportunity to see for themselves the pace and quality of work.

About Al Raha Gardens, Osama Ghannoum, Director Marketing and Communications said that the project will be completed in phases, and in the first phase, 280 villas out of 1,388 will be delivered in 2007. The cost of development for the first phase is estimated at Dh338 million. Al Jaber Construction is building the villas.

With the enormous demand for quality housing, the Al Raha Gardens project was sold out like hot cake, with unprecedented response.

Al Raha Beach development is a massive project spread over five million square meters of land included canals, parklands, roads and community facilities. It also includes four marinas with water taxis, two public beaches apart from community infrastructure. The development spread over 500 hectares of land and boasts several kilometers of prime beach front. The properties which will be offered to investors on 99-year lease, will be home to over 120,000-150,000 residents.

"Al Raha Beach will be a self-contained city — a place to live, work and enjoy time", said Osama Ghannoum. He said that the project will offer residents and visitors a wealth of living, business and entertainment opportunities that are unequalled in any single development in the world.

The work on the water beach project is ongoing with dredging work being undertaken presently.

The Central Market Redevelopment is the third major project being built at a cost of Dh2.6 billion. It will be handed over to owners by the end of 2007 or at beginning of year 2008.

Mark Allchin, Senior Development Manager said there are three phases to the project. "In the first phase, four-storey car parking and souq would be completed; in the second phase the development of retail podium would take place which would be ready for commissioning by end of 2008 and early 2009, and in the last phase, three multi-use towers would be completed by 2010," he said.