Aldar Properties, based in Abu Dhabi, has acquired Al Fahid Island and plans to build a waterfront project there, the company announced on Tuesday.
The island’s gross development value (GDV) is Dh26 billion, while the land is valued at Dh2.5 billion. The acquisition consideration will be paid over five years, according to the firm.
The Sheikh Khalifa bin Zayed Highway (E12), the primary road linking Yas Island and Saadiyat Island, goes via the 3.4 million square metre island.
With the addition of a waterfront offering that includes Abu Dhabi’s mangroves and 4.6km of beaches, the transaction will allow Aldar to dramatically increase the size of its land bank and near-term development pipeline. The 4,000 residences that are planned for Al Fahid Island will have an excellent coastal frontage of approximately 11 kilometres, many of which will have spectacular sea views. Apartments, townhouses, and opulent beach and mangrove villas will all be part of the project.
Additional plans call for several community amenities, a school, as well as retail and hospitality options.
The first phase of the development will be launched towards the end of 2023.
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.”
Jonathan Emery, CEO at Aldar Development, stated: “Al Fahid Island presents a robust pipeline of development activity for our business. With a 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.”