Aldar Properties unveils Dh5 billion projects

Aldar Properties has launched three new projects in and around Abu Dhabi with a sales value estimated at Dh5 billion.

Two projects will be located in the investment zones of Al Raha Beech and Ansam on Yas Island, while the third one will comprise residential plots on Nareel Island located five minutes away from Emirates Palace and is exclusively for UAE nationals. “Off-plan sales for the three developments will commence in May and construction is scheduled to begin in 2015,’’ said Mohammed Abubaker Seddiq Al Khoori, chairman of Aldar Properties, while speaking at a Press conference along with deputy chief executive Mohammed Al Mubarak.

Mohammed Abubaker Seddiq Al Khoori and Mohammed Al Mubarak at the press conference ahead of Cityscape Abu Dhabi on Monday. — KT photo by Nezar Balout

Investors can register for the three projects at Cityscape Abu Dhabi, while the prices would be announced later on, said Al Khoori.

He said that the development of the first phase of the new investment zone, Ansam, will comprise 540 golf fairway apartment units overlooking the Yas Links Golf Course.

The other upscale realty project, Al Hadeel, will be developed at Al Bandar on the popular Al Raha Beach Waterfront, offering 230 apartments and townhouses.

The third development on Nareel Island where Aldar is planning a residential waterfront master-planned development, comprising 143 well-appointed villa plots that allow UAE nationals to develop bespoke homes.

Al Khoori said: “We are currently exploring 23 exciting real estate developments, excluding government projects, three of which have been announced [on Monday] 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 landbank to increase cashflows, grow our recurring revenues and create value for our shareholders.”

Al Mubarak said the new projects are in 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.”

Gurjit Singh, chief development officer of Aldar Properties, said that the project tenders will be finalised by year-end and construction will begin next year, to be completed by March 2017.

— haseeb@khaleejtimes.com