Abu Dhabi’s biggest property developer Aldar has launched three new major residential projects in the capital, which will add about 2,000 units to the market.
The listed developer launched West Yas and Mayan on Yas Island while its third community Meera will be located in Shams Abu Dhabi in Reem Island.
The company did not disclose the value of the projects.
West Yas, which will have about 1,000 premium villas, will be available for sale only to Emiratis. The development is located close to attractions including F1 track at the Yas Marina Circuit, Ferrari World Abu Dhabi, Yas Water World, Yas Links Golf Course and Yas Mall.
Mayan, Aldar’s second community on Yas Island, is a beachfront development consisting of over 700 residential units, a mix of apartments, townhouses, villas and penthouses.
Meanwhile Meera at Shams Abu Dhabi is designed for mid-income groups and is located on Al Reem Island. The project will have about 400 homes alongside other Aldar developments such as Gate Towers, the Arc and Sun and Sky Towers.
“The year started well with the successful launch of Al Merief in March and ground breaking at Ansam and Al Hadeel,” said Mohammad Al Mubarak, CEO of Aldar.
“This exciting pipeline of real estate developments is further testament to our ability to deliver on our strategy of monetising our land bank, growing our recurring revenues and delivering value for all of our shareholders.”
Aldar, which merged with its rival Sorouh Real Estate following the property crash, has been one of the major beneficiaries of a recovery in Abu Dhabi’s property market.
Abu Dhabi’s prime residential sales market grew at an average of 25 per cent in both 2013 and 2014, mainly due to measures such as the removal of the rent cap and a federal decree requiring all government workers to relocate to the capital.
However, the emirate’s property market is also strongly linked to government spending and is therefore sensitive to any factors affecting public expenditure such as the oil price decline.
Average prices remained flat during Q4 2014 – for the first time since Q1 2013 – and will stay steady during 2015, property consultant JLL said.
But despite the stabilisation, the Abu Dhabi residential market is set to see supply increase over the next few years.
According to the latest report by CBRE, 35,000 new residential units will enter the capital’s market over the next four years, mainly in the emirate’s investment zone areas such as Reem Island.