By Courtney Trenwith
Abu Dhabi developer to launch 3 new residential projects in May as part of a wider pipeline and "next phase of growth"
Abu Dhabi developer Aldar Properties has announced three new residential developments in the capital worth a total AED5bn ($1.36bn) as part of a pipeline of 23 new projects set o come on stream in the near future, its chairman confirmed on Monday.
The Ansam development will be built in stages, with the first to include 540 apartments overlooking Yas Links Golf Course on Yas Island.
The Al Hadeel development at Al Bandar on the popular Al Raha Beach Waterfront will comprise 230 apartments and townhouses.
The third development is located on Nareel Island, close to the centre of Abu Dhabi.
Aldar said it would offer a “premier lifestyle residential waterfront master-planned development”, comprising 143 villas available only to UAE nationals.
Off-plan sales for the three developments will start in May and construction is scheduled to begin in 2015.
Aldar deputy chief executive Mohamed Al Mubarak said the three new developments were in well-established locations that already had high demand.
“With leasing and sales activity in Abu Dhabi picking up significantly in the last year, this is the right time for Aldar to embark on the next phase of development, with the launch of well-designed projects that respond closely to end-user demand and support the emirate’s economic progress,” he said in a statement.
“We therefore expect these developments to be popular among Abu Dhabi residents and long-term investors.”
Aldar Properties, a listed company, recently merged with Sorouh and chairman Abubaker Seddiq Al Khoori said there were plans for another 20 projects.
“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,” he said in a statement.
“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.”
Investors buying off plan in Abu Dhabi should be aware of the fact that hundreds of investors have court judgements in their favour demanding developers pay compensation for not delivering their property. Not one dirham has been handed over and their units have been resold.These investors have been left with nothing.