The construction is scheduled to begin in the second half of 2022 over a 4-year development period
UAE-based real estate development and investment company Aldar has acquired a 6.2 million square metre plot on the eastern side of Saadiyat Island for 3.68 billion dirhams ( $1 billion).
The Abu Dhabi developer notified the stock exchange that the proposed development, will be home to over 15,000 people and the integrated community will include 2,700 units, most of which are villas, with an estimated Gross Development Value of 15 billion dirhams.
The construction is scheduled to begin in the second half of 2022 over a 4-year development period.
Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said: “The transaction is also a milestone in the development of Saadiyat Island as it will lead the island towards becoming a fully developed destination with an even wider choice of villa living in a unique setting."
On Friday, Abu Dhabi-listed Aldar Properties announced the acquisition of Rixos Bab Al Bahr beach property in Ras Al Khaimah for 770 million dirhams.
The transaction, made through Aldar Investment, brings the developer’s total investment in Ras Al Khaimah to 1.5 billion dirhams. Aldar had previously acquired the emirate’s Al Hamra Mall.
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