Aldar Properties, the largest listed developer in the UAE, has announced the purchase of a land plot on Saadiyat Island for its highly anticipated mixed use mega-development worth AED 15B (USD 4B). The newly acquired land boasts a whopping area of 66.7 million sq. ft and is valued at AED 3.68B (USD 1B).
According to the master plan, the upcoming community will house approximately 2,700 residential properties, the majority of which will be villas, and will have the capacity of accommodating over 15,000 people upon its handover. In order to promote eco-friendly living in Abu Dhabi and create a nature-inspired environment, nearly 10.7 million sq. ft of the land will be dedicated to luscious green spaces and landscaped parks. The construction is due to begin in H2 2022 over a 4-year development period.
Talal Al Dhiyebi, Group Chief Executive at Aldar Properties
, commented on the grand event: "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."
As Abu Dhabi recovers from the pandemic-induced lockdown, with AED 71.5B (USD 19.46B) worth of property transactions in 2021, as stated by the Department of Municipalities and Transport, the local real estate market witnessed an array of sensational launches in 2022. These include, but are not limited to Bloom Living by Bloom Holding with Spanish-style villas, townhouses and apartments, Reem Hills by Q Properties which will have a man-made hill, and Louvre Abu Dhabi Residences by Aldar Properties
within Saadiyat Grove. The latter will feature a total of 400 units, including bespoke studios and 1-3 bedroom apartments, as well as 5 exclusive penthouses.
Demonstrating their ongoing success, Aldar Properties registered a 21% increase in its full-year 2021 profit to AED 2.3B (USD 626M) thanks to the strong recovery of the UAE real estate sector. Earlier this year (2022), in February, one of the largest alternative investment managers in the world, Apollo, agreed to invest AED 5.1B (USD 1.4B) in the Abu Dhabi-based real estate giant. This deal is one of the biggest foreign direct investments in the emirate's private sector, which has once again proved the leading position of Aldar Properties in the local real estate market.