Aldar Properties PJSC, a real estate development, management, and investment company with headquarters in Abu Dhabi, United Arab Emirates has freshly acquired a total area of 6.2 million square meters of prime land for the development of a US$ 4bn+ mega mixed-use project in Saadiyat Island.
Located on the eastern side of the Island, this fresh acquisition is valued at Dhs 3.68 billion and it has contributed to a significant expansion of Aldar’s current land bank on the island. Aldar plans on constructing about 2,700 units, inclusive of villas, on this land.
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The proposed development aims to boost Saadiyat Island’s position as a fully developed cultural leisure and residential destination. It will also be home to a total number of well over 15,000 people.
Reportedly the acquisition consideration will be paid as the development, scheduled to commence in the second half of this year, continues to progress. The project is set to be completed within a period of four years.
Remarks on the acquisition and the US$ 4bn+ mega mixed-use project in Saadiyat Island
The group CEO of Aldar Properties, Talal Al Dhiyebi, expressed his excitement over the Saadiyat island acquisition as an incredible acquisition for the company. He stated that the project would enable the company to develop land that is desirable and strategically located in the city of Abu Dhabi.
He also revealed that the land acquisition was a milestone in the development of the island as the acquisition will lead the area to become a destination that is fully developed and has got a wider spectrum of choices when it comes down to villa living in a unique setting. Lastly, the group CEO added that the project points to Aldar’s position when it comes to why the company is the developer of choice in Abu Dhabi.
