Abu Dhabi-based Aldar Properties had unveiled plans for the development of three new residential projects worth about AED5bn ($1.36bn).
The three developments are Al Hadeel, Ansam and Nareel Island, which will be developed in Abu Dhabi’s prime areas, including investment zones where property can be purchased by non-UAE nationals.
The off-plan sales for the three new developments will begin in May and construction will commence in 2015.
Phase one of the Ansam project will include 540 golf fairway apartment units near the Yas Links golf course on Yas Island, which features Yas Marina Formula One circuit, Yas Water World, Ferrari World theme park, the upcoming Yas Mall, hotel Yas Viceroy, Yas Beach, and the Du Arena and Du Forum entertainment venues.
The Al Bandar development will comprise 230 apartment and townhouse units at Al Bandar on the Al Raha Beach Waterfront, located across the bay from Yas Island.
The third project is for 143 villa plots for UAE nationals to build homes near the Al Bateen area of Nareel Island.
Aldar Properties chairman HE Abubaker Seddiq Al Khoori said that the company is 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 business.
"All our future developments will be carefully developed in-line with market demand in Abu Dhabi. This exciting pipeline of real estate developments showcases our ability to monetise our land bank to increase cashflows, grow our recurring revenues and create value for our shareholders," Al Khoori said.
Aldar Properties deputy chief executive and chief portfolio management officer Mohamed Al Mubarak said the three new developments are in well-established locations where they are seeing strong interest in high-quality residential property.
"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," Al Mubarak said.
Aldar Properties chief development officer Gurjit Singh said: "Yas Island has already become a prime lifestyle leisure destination in the region and the opening of Yas Mall at the end of this year and the launch of residential developments will only add to its allure."
Image: Aldar Properties will develop three projects at Al Hadeel, Ansam and Nareel Island in Abu Dhabi. Photo: courtesy of Aldar Properties PJSC.