Abu Dhabi-based Aldar Properties has acquired Al Fahid Island and will develop a waterfront project on it, the company said on Tuesday.
The land is valued at Dh2.5 billion and the acquisition consideration will be paid over five years, while the island’s gross development value (GDV) stands at Dh26 billion, the company added.
The 3.4 million sqm island is situated on the Sheikh Khalifa bin Zayed Highway (E12), the main roadway that connects Yas Island and Saadiyat Island.
Through the deal, Aldar will significantly expand its land bank and near-term development pipeline, with the introduction of a waterfront offering that features Abu Dhabi’s mangroves and 4.6km of beaches. With optimum coastal frontage of over 11km, a large number of the 4,000 homes planned for Al Fahid Island will have prime sea views. The project will include apartments, townhouses and ultra-luxury beach and mangrove villas.
Further plans include an array of community facilities, a school, and retail and hospitality offerings.
The first phase of the development will be launched towards the end of 2023.
Talal Al Dhiyebi, Group CEO at Aldar Properties, said: “This latest land acquisition is a particularly significant one for Aldar as we continue to develop Abu Dhabi’s most strategically located and desirable destinations. Solidifying our dominant presence on the Yas-Saadiyat corridor, the acquisition of Al Fahid Island further strengthens Aldar’s ability to deliver sustainable value to Abu Dhabi, its communities, and our shareholders over the medium and long term. By activating multiple verticals of the group’s portfolio, we will bring the best of Aldar to what will be one of Abu Dhabi’s most exclusive and desirable locations.”
Jonathan Emery, CEO at Aldar Development, stated: “Al Fahid Island presents a robust pipeline of development activity for our business. With strong appetite for ultra-luxury products in Abu Dhabi’s premier locations, alongside the growing demand we continue to witness for beachfront properties from both international and local buyers, the acquisition of this island allows us to bring unique properties to the market while also targeting a wide range of customers across the upper market, with touchpoints across the resident, second-home owner, staycation and investor segments.”