"The house" Expanding its land portfolio in Abu Dhabi with a development value of 23 billion dirhams
ABU DHABI, 2 February, 2017 (WAM) – Aldar Group announced the expansion of its land portfolio in the Emirate of Abu Dhabi, by adding a group of strategic land plots with a total development value estimated at approximately 23 billion dirhams, in a step that strengthens the strength of its strategic portfolio and supports the achievement of sustainable and long-term growth in the most prominent development hubs in the capital.
The group explained that the new plots of land extend across coastal locations, islands and land plots within the most important growth areas in the emirate, allowing the development of luxury residential projects and integrated communities aimed at families, and reflects growing confidence in the foundations of sustainable demand in the Abu Dhabi real estate market, in addition to confirming the disciplined approach followed by Aldar to achieve growth.
The new sites are distributed over a total area exceeding 2.3 million square metres, and are expected to contribute to the development of approximately 3,000 residential units within lands located on Saadiyat Island, Yas Island and their surrounding areas.
Together, these sites provide high flexibility to develop a diverse range of residential products, supporting long-term population growth and strengthening the foundations of sustainable residential demand in the Emirate of Abu Dhabi.
The projects will be launched and put on the market according to a thoughtful phased approach in line with demand levels, with the first launches starting in 2026, with the aim of supporting flexible and stable absorption rates, enhancing clarity of vision regarding revenue and profit growth paths in the medium and long term, in addition to ensuring the highest degree of flexibility in dealing with various market cycles.
These lands will also be activated through a joint venture structure with an established partner, which will enhance the efficiency of capital deployment, with Aldar Group retaining full responsibility for supervising all stages of the development cycle, including planning, implementation, sales and delivery of new projects.
Talal Al Dhiyebi, CEO of Aldar Group, said that the expansion of the land portfolio in Abu Dhabi reflects the firm confidence in the solidity of the long-term foundations of the market, and the depth of opportunities available across the various growth axes in the capital, noting that building on existing destinations and expanding into new growth areas allows the development of a variety of high-quality residential communities, in line with the foundations of sustainable demand.
He expressed his confidence that this portfolio will contribute to achieving attractive and long-term returns for shareholders, in addition to supporting Abu Dhabi’s journey as a leading international center for business and lifestyles.
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