Abu Dhabi: Aldar Properties on Monday announced the launch of its new Dh2 billion development, Al Reeman, located in the Al Shamkha area of Abu Dhabi.
With investment zone status, and located near to the Abu Dhabi International Airport, the mid-market, mixed-use development offers residential and commercial land plots available for purchase by all nationalities.
“The launch of Al Reeman builds on Aldar’s successful development strategy and further expands our focus in to new areas of Abu Dhabi,” said Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties.
“Catering to the mid-income segment, this development responds to market demand to live in a desirable community with a wide range of facilities while also appealing to investors looking to construct apartment buildings or villas to generate recurring income.”
The land plots include a series of residential clusters that will feature single and multi-residential villas and apartments, complemented by retail space, F&B, mosques, sports, education and commercial facilities, designed to meet the needs of the future community.
“The idea behind selling plots is to diversify. We sell all types of spectrum — from mid-income to high end and from plots, to buildings and villas,” Maan Al Awlaqi, Executive Director of Commercial at Aldar Properties told Gulf News.
“The reason is different products provide you different cash inflow and outflow mechanism and different returns and margins,” he added.
He said that Al Reeman area is spread over an area of 2.8 million square metres with 786 villa plots and 220 commercial plots that would be sold to the customers.
A key feature of the project is the purchaser’s ability to design their villa or apartment building according to their exact specifications within the approved GFA (ground floor area) limits, he added.
Sales of the plots will start on January 19 at Aldar’s sales centre on Yas Island, with prices starting from Dh690,000 for villa plots and Dh4.69 million for commercial plots, Aldar said in a statement.
Construction is expected to commence in 2019 with infrastructure enabled land targeted for handover to customers in 2021.
In September, Aldar Properties created a new subsidiary (Aldar Investments) by transferring Dh20 billion worth of assets such as Yas Mall, Aldar Headquarters and The Gate Towers & Arc, and over 2,400 hotel keys, predominantly on Yas Island to attain better efficiencies and raise capital.
The assets cover 5,000 residential units and over 500,000 square metres of prime retail and commercial space.
Aldar bullish on property market in Abu Dhabi
Aldar is bullish about the property market in Abu Dhabi on the back of stimulus package announced by the government last year as well as recovery in oil prices and measures to boost the growth of the industrial sector in the emirate.
“Our outlook is very positive because supply is limited in Abu Dhabi, in a way that stabilises pricing,” said Maan Al Awlaqi, Executive Director — Commercial at Aldar Properties.
“There is also industrial growth happening and Ghadan 21 initiative with a Dh50 billion stimulus. All these are extremely positive.”
Ghadan 21, also known as the Abu Dhabi Government Accelerators programme, was launched by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces last year, with a stimulus package of Dh50 billion to boost the emirate’s economy in the next three years.
The development plan includes improving the competitiveness of the business environment, empowering and supporting small and medium-sized enterprises (SMEs), especially in the tourism and industrial sectors, and attracting foreign direct investment, among others.
Al Awlaqi also added that they would be announcing new projects this year as part of their growth strategy.