Developer plans new $520m investment in Abu Dhabi islands
Aldar Properties has announced further details of its current investment programme to include mid-market residential, hospitality and retail assets on Yas Island and Reem Island.
The developer said in a statement that they amount to a total of AED1.9 billion ($520 million) and follow the AED1.1 billion already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school.
All projects announced are scheduled to start construction this year and complete during 2019 and 2020, it added.
Among the plans are 600 mid-market residential units to be built on Reem Island. Aldar said it will look to capitalise on the “untapped potential for high quality mid-market residential property in the heart of Abu Dhabi”.
Aldar also highlighted Shams Marina, a mixed-use development to comprise 329 marina residences, 192 serviced apartments, 262 key 4 star hotel, including a club house and private beach.
The developer also plans to build a 4 star Yas Mall hotel, attached to the mall which will have 349 keys, of which 70 will be serviced apartments.
A retail park extension on Yas Island will include a leasable area of 27,000 square metres, and will be dedicated to the consumer segment of the automotive market. It will contain new car dealerships and F&B outlets.
Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: “The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long term recurring revenues.
“We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth.”