Aldar acquires land on Saadiyat Island to develop $4bn mega project
The new mixed-use development will have nearly 2,700 units and is scheduled for completion in four years
Aldar Properties, Abu Dhabi’s largest developer, has noninheritable six.2 million sq. metres of land on Saadiyat Island as a part of its plans to develop a Dh15 billion ($4bn) mega mixed-use project.
The land is valued at Dh3.68bn and also the acquisition thought “will be paid in a similar way because the development progresses”, Aldar same in a very statement on weekday to the Abu Dhabi Securities Exchange, wherever its shares area unit listed.
The integrated community can embody nearly two,700 residential units, most of that area unit villas, and can be home to over fifteen,000 folks once complete.
Construction is scheduled to start within the half of 2022 over a four-year development amount.
“This is associate degree unbelievably exciting acquisition for Aldar because it can permit North American country to develop the foremost strategically placed and fascinating land obtainable in Abu Dhabi,” same Talal Al Dhiyebi, cluster chief govt at Aldar Properties.
“The group action is additionally a milestone within the development of Saadiyat Island because it can lead the island towards turning into a completely developed destination with an excellent wider selection of villa living.”
Abu Dhabi’s property market has been ill from the pandemic-induced holdup and registered property transactions value Dh71.5bn in 2021, the Department of Municipalities and Transport same.
Yas Island lidded the list of high-performing areas, registering Dh4.1bn in deals, followed by Reem Island (Dh3.2bn) and Saadiyat Island (Dh2.5bn).
Villas, above all, enjoyed robust demand in 2021, with sale costs recording a median annual growth of fourteen per cent last year, driven by existing communities on Saadiyat Island and Yas Island, another report by property practice Asteco same.
The emirate has hosted many new launches this year. Last month, Bloom Holding launched a Dh9bn gated community within the capital known as Bloom Living, which can feature over four,000 Spanish-style villas, townhouses and residences close an outsized lake.
Meanwhile Q Properties declared its Dh8bn Reem Hills gated development, a villa project that includes a semisynthetic hill and alternative luxury amenities.
Aldar additionally disclosed its Louvre Abu Dhabi Residences project last month, that offers views of the repository and also the Arabian Gulf. it’ll comprise four hundred residences together with studios, one, 2 and three-bedroom residences additionally as 5 penthouses.
The residences are at intervals Saadiyat Grove and also the development has associate degree expected relinquishment date of 2025.
“With a bunch of cultural, recreational, and leisure amenities on Saadiyat Island and also the adjacent Yas Island, the new noninheritable plot boasts important potential,” Aldar same on weekday.
Villas and retail offerings within the new development are unfold throughout a “nature-inspired” residential community.
“The development’s ample leaf and parks, that span virtually a meg sq. metres, can complement its flowering tree surroundings on Saadiyat Island.”
Saadiyat Island presently homes the Louvre Abu Dhabi, Manarat Saadiyat, 5 luxury beach resorts and academic institutes together with the big apple University Abu Dhabi and Cranleigh college.
Aldar, that according a twenty one per cent jump in its full-year 2021 profit to Dh2.3bn, recorded robust property sales amid the continuing recovery of the UAE’s land market.In February, Apollo, one amongst the world’s largest various investment managers, additionally in agreement to speculate $1.4bn through a number of its funds and purchasers in Aldar Properties. The deal represents one amongst the most important foreign direct investments in Abu Dhabi’s personal sector