Aldar expands strategic land bank through acquisition of 6.2m square metre plot on Saadiyat Island

Aldar Properties (Aldar) on Monday announced that it has acquired 6.2 million square metres of prime land located on the east side of Saadiyat Island.

The acquisition significantly bolsters Aldar’s land bank on the island and enhances the company’s ability to deliver further world-class communities in key locations across Abu Dhabi.

The proposed development, which will boost Saadiyat Island’s position as a fully developed residential, cultural, and leisure destination, will be home to over 15,000 people. The integrated community will include 2,700 units, most of which are villas, with an estimated Gross Development Value of Dh15 billion.

The land is valued at Dh3.68 billion and the acquisition consideration will be paid in kind as the development progresses, with construction scheduled to begin in the second half of 2022 over a four-year development period.

Talal Al Dhiyebi, group chief executive officer at Aldar Properties, said this is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi.

“The transaction is also a milestone in the development of Saadiyat Island as it will lead the island towards becoming a fully developed destination with an even wider choice of villa living in a unique setting. It also points to Aldar’s position as the developer of choice in Abu Dhabi and the long-term sustainable value that our business can create for the local community as well as our shareholders,” he said.

With a host of cultural, recreational, and leisure amenities on Saadiyat Island and the adjacent Yas Island, the newly acquired plot boasts significant potential. The plot will be developed into a leading mixed-use development, with villas and retail offerings spread throughout a nature-inspired residential community. The development’s ample greenery and parks, which span almost 1 million square metres, will complement the beauty of its mangrove surroundings on Saadiyat Island.

Saadiyat Island is already home to Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, top educational institutes including NYU Abu Dhabi and Cranleigh School.

— muzaffarrizvi@khaleejtimes.com