Aldar Properties is developing a new waterfront community after buying Al Fahid Island in Abu Dhabi
Abu Dhabi’s Aldar Properties has bought land between Yas Island and Saadiyat Island and is planning a new waterfront community in the emirate.
When complete the $7bn development will overlook iconic Abu Dhabi mangroves and an almost 5km stretch of beach land.
Aldar acquired Al Fahid Island, a 3.4 million sqm island situated on the Sheikh Khalifa bin Zayed Highway the main roadway that connects Abu Dhabi’s Yas Island and Saadiyat Island for AED2.5bn ($681m).
Aldar plans new Abu Dhabi community
Aldar is significantly expanding its landbank and near-term development pipeline, with the introduction of a unique waterfront offering that features Abu Dhabi’s iconic mangroves and 4.6 km of pristine beaches.
With optimum coastal frontage of over 11 km, a large number of the 4,000 homes planned for Al Fahid Island will benefit from prime sea views. Once launched, a mix of units ranging from apartments and townhouses to ultra-luxury beach and mangrove villas will be available to buyers.
Further plans include a wide array of community facilities, a school, and retail and hospitality offerings, allowing Aldar to build on its proven ability and success in creating vibrant and integrated communities while also activating numerous verticals and segments across its diversified portfolio to drive further revenue generation and platform growth.
The land is valued at AED 2.5bn ($681m) and the acquisition consideration will be paid over 5 years.
Al Fahid Island’s development value is AED26bn ($7bn) and the transaction further bolsters Aldar’s development strategy, which sees the company bringing diverse products to the market that cater to the demand of local, regional, and international investors and homeowners.
Commenting on the acquisition, Talal Al Dhiyebi, Group CEO at Aldar Properties, said: “This latest land acquisition is a particularly significant one for Aldar as we continue to develop Abu Dhabi’s most strategically located and desirable destinations.
“Solidifying our dominant presence on the Yas-Saadiyat corridor, the acquisition of Al Fahid Island further strengthens Aldar’s ability to deliver sustainable value to Abu Dhabi, its communities, and our shareholders over the medium and long term.
“By activating multiple verticals of the group’s portfolio, we will bring the best of Aldar to what will be one of Abu Dhabi’s most exclusive and desirable locations.”
The prestigious development will have a strong focus on preserving nature and habitats on the island as well as sustainable design and construction.
The first phases will be launched to customers towards the end of 2023.
On the development plans for the island, Jonathan Emery, CEO at Aldar Development, stated: “Al Fahid Island presents a robust pipeline of development activity for our business. With strong appetite for ultra-luxury products in Abu Dhabi’s premier locations, alongside the growing demand we continue to witness for beachfront properties from both international and local buyers, the acquisition of this island allows us to bring unique properties to the market while also targeting a wide range of customers across the upper market, with touchpoints across the resident, second-home owner, staycation and investor segments.”
Article originally published on arabianbusiness.com