Abu Dhabi: Aldar Properties announced the launch of The Bridges, a 1,272-unit, Dh1.3 billion mid-market residential development in Reem island of Abu Dhabi on Monday.
The project will be developed on two separate plots separated by the new 2.4-kilometre canal that runs through Reem Island.
Each plot will have three towers comprising 636 homes, the developer said at a press conference in Abu Dhabi.
"Set alongside the new Reem Island canal and featuring a wide range of amenities, and situated close to Abu Dhabi's business and cultural districts, The Bridges will appeal to both investors and owner occupiers," said Mohammad Khalifa Al Mubarak, chief executive officer of Aldar.
Construction of the project is expected to start in the fourth quarter of this year and be ready for handover during the first quarter of 2020.
Aldar will release one tower for sale at Cityscape Abu Dhabi, which begins on Tuesday at Abu Dhabi National Exhibition Center.
Prices will start from Dh450,000 for a studio, Dh730,000 for one bedroom, Dh1 million for two bedroom and Dh1.5 million for a three bedroom flat.
"We are targeting mid-income group with a salary range of Dh20,000 to Dh30,000 per month. There is a lot of demand for this segment with new hospitals and educational institutions being set up in the capital and people looking for affordable housing," said Abubacker Seddiq al-Khoori, chairman of the company.
