Al Jaber Building has secured a AED1.77bn ($481m) contract from Saadiyat Development & Investment Company (SDIC) to develop the Hidd Al Saadiyat Villas project in Abu Dhabi.
As per the contract, Al Jaber will construct 462 villas and two community centres on an area of about 1.5 million m² with 7km² of waterfront on Saadiyat Island.
The project is expected to be completed in March 2016.
SDIC chairman Hamad Rashed Al Neaimi said Hidd Saadiyat Beach Front Villas will increase living standards in the UAE and the region.
The development will set a new benchmark for high-end residential development in Saadiyat Island, Al Jaber claimed.
Al Jaber vice chairman & president Mohammed Al Jaber said the company has previously developed over 7,000 villas under various projects.
"Hidd Al Saadiyat is an exciting project and Al Jaber Building is committed to delivering a world-class development," Al Jaber added.
Earlier in 2013, Abu Dhabi’s Tourism Development and Investment Company formed a joint venture partnership with L Real Estate to develop a new 168,000m² retail scheme in Saadiyat Island’s cultural district.
The retail scheme will be developed on a 17ha site located alongside three museums; Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi.
Total floor area of the project will be 258,000m² with a built up area of 370,000m².
Image: The Hidd Al Saadiyat Villas project will come up on an area of about 1.5 million m² with 7km² of waterfront on Saadiyat Island. Photo: Courtesy of Saadiyat Development & Investment Company.