Aldar Properties said on Monday that it has purchased 6.2 million square meters of valuable land on the east side of Saadiyat Island. Aldar’s land bank on the island has grown, and the company’s capacity to construct communities in strategic places across Abu Dhabi has improved as a result of the acquisition.
Over 15,000 people will live in the projected complex. It will have a total of 2,700 units, the majority of which will be villas, with a gross development value of Dh15 billion.
The land is valued at Dh3.68 billion, and the purchase price will be paid in kind as the project advances, with work set to begin in the second half of 2022 and last for four years.
Commenting on the acquisition, Talal Al Dhiyebi, Group CEO at Aldar Properties, said: “This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi. 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.”
The newly purchased land will be turned into a mixed-use development, with villas and retail outlets spread among a nature-inspired residential community. The development’s vegetation and parks, which cover about 1 million square meters, will complement the grandeur of Saadiyat Island’s mangrove surroundings.
The Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, and premier educational institutes such as NYU Abu Dhabi and Cranleigh School are already located on Saadiyat Island.
Aldar is the master developer of integrated communities on Yas Island, Saadiyat Island, Al Raha, and Reem Island in Abu Dhabi.