Aldar Properties has launched three major new residential developments in Abu Dhabi, worth $1.4bn, including investment zones where property can be purchased by non-UAE nationals.
Cityscape Abu Dhabi revealed models of the developments and construction is scheduled to begin in 2015 and complete by March 2017. Tenders for construction are likely to be announced in July.
The Ansam development — the first phase of which comprises 540 golf fairway apartment units — will overlook the award-winning Yas Links Golf Course on Yas Island.
The Al Hadeel development at Al Bandar on the Al Raha Beach Waterfront, offering 230 apartment and townhouse units.
The third development is located on Nareel Island where Aldar is developing residential waterfront master-planned, comprising of 143 villa plots.
HE Abubaker Seddiq Al Khoori, chairman of Aldar Properties said: “Following the successful completion of the integration process after the Aldar-Sorouh merger, we have focused all of our efforts on the implementation of our strategy. We are currently exploring 23 exciting real estate developments, excluding government projects, three of which have been announced today as part of the next phase of growth of our business.
“All our future developments will be carefully developed in line with market demand in Abu Dhabi. This exciting pipeline of real estate developments showcases our ability to monetise our land bank to increase cash flows, grow our recurring revenues and create value for our shareholders.”