Leading UAE developer Aldar Properties has announced that it has acquired 6.2 million sq m of prime land located on the east side of Saadiyat Island valued at AED3.68 billion ($1.01 billion).

 

The plot has been earmarked for a mixed-use project. The proposed development, which will boost Saadiyat Island’s position as a fully developed residential, cultural, and leisure destination, will be home to over 15,000 people. 

 

The integrated community will include 2,700 units, most of which are villas, with an estimated gross development value of AED15 billion.

 

The acquisition significantly bolsters Aldar’s land bank on the island and enhances the company’s ability to deliver further world-class communities in key locations across Abu Dhabi.

 

On the acquisition, Group CEO Talal Al Dhiyebi 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 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.

 

Al Dhiyebi said the acquisition also points to Aldar’s position as the developer of choice in Abu Dhabi and the long-term sustainable value that its business can create for the local community as well as the shareholders.

 

According to Aldar, the newly acquired plot boasts significant potential with a host of cultural, recreational, and leisure amenities on Saadiyat Island and the adjacent Yas Island.

 

The plot will be developed into a leading mixed-use development, with villas and retail offerings spread throughout a nature-inspired residential community. 

 

The development’s ample greenery and parks, which span almost 1 million sq m, will complement the beauty of its mangrove surroundings on Saadiyat Island, it stated. 

 

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, it added.-TradeArabia News Service