Studio units in The Bridges, Reem Island, will be priced at $122,616 (AED450,000)
Abu Dhabi’s Aldar Properties on Monday launched $354 million The Bridges, a new “affordable” housing scheme on Reem Island, with unit prices starting at $122,616 (AED450,000).
Last month, the developer announced plans to invest $518 million (AED1.9 billion) in development of mid-market residential, hospitality and retail projects.
The new project, built on two plots separated by a 2.4-kilometre canal, comprises six 26-storey mid-rise towers, with a total of 1,272 units.
The company will release just one tower for sale at this week's Cityscape Abu Dhabi. Three of the six towers, comprising 636 units, will remain part of its rental portfolio.
Construction is expected to commence in the fourth quarter 2017 and will be ready for handover in the first quarter 2020, the developer said.
Mohamed Khalifa Al Mubarak, Aldar CEO, said The Bridges has been launched to cater to the “significant demand for high quality, yet affordable homes” in prime investment zone destinations across the emirate.
In 2015, the company launched Meera, its first mid-market development, with 408 apartments. Launch prices ranged from $245,232 (AED900,000) for one-bedroom units to $435,967 (AED1.6 million,000) for three-bedroom units.
In February, company’s chief development officer Talal Al Dhiyebi said they are planning to launch around 1,500 new units this year.
“We are looking at launching large-scale developments later in the year but our focus in 2017 is tapping into affordable segments where we are seeing strong demand,” he said at an earnings call.