05 April 2022 – Gulf News – www.gulfnews.com
Abu Dhabi: Aldar Properties has acquired 6.2 million sq.m of prime land located on the east side of Saadiyat Island, it said on Monday. The acquisition bolsters Aldar’s land bank on the island and enhances the company’s ability to deliver communities in key locations across Abu Dhabi.
The proposed development will be home to over 15,000 people. It will include 2,700 units, most of which are villas, with an estimated gross development value of Dh15 billion.
The land is valued at Dh3.68 billion and the acquisition consideration will be paid in kind as the development progresses, with construction scheduled to begin in the second half of 2022 over a four-year development period.
Commenting on the acquisition, Talal Al Dhiyebi, Group CEO at Aldar Properties, said: “This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi. The transaction is also a milestone in the development of Saadiyat Island as it will lead the island towards becoming a fully developed destination with an even wider choice of villa living in a unique setting.”
The newly acquired plot will be developed into a mixed-use development, with villas and retail offerings spread throughout a nature-inspired residential community. The development’s greenery and parks, which span almost 1 million sq.m, will complement the beauty of its mangrove surroundings on Saadiyat Island.
Saadiyat Island is already home to Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, top educational institutes including NYU Abu Dhabi and Cranleigh School.
Aldar is a master developer of integrated communities across Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha, and Reem Island.