Abu Dhabi’s Aldar launches $2.72bn community on Dubai border

Abu Dhabi developer Aldar Properties has launched a Dhs10bn ($2.72bn) master-planned community on the emirate’s border with Dubai.

The Alghadeer master plan, which incorporates an existing community of the same name with 2,000 homes, comprises 14,408 villa, townhouse and maisonette units across an area of 1.3 million square metres.

It will also include office, retail, hospitality, education and community elements including a central agricultural space featuring allotments.

Aldar said it would develop the project over a period of 15 years with the intention of benefiting from the development of projects including Dubai’s hosting of Expo 20202, Dubai South, Khalifa Industrial Zone and Dubai Wholesale City.

The central Harvest area includes zones for training and workshops, purchasing farm tools and supplies, an area for renting plots and a market for freshly grown produce.

The wider project will also feature lakes, running and cycle tracks, a gym, camping and barbecue sites, schools, a hotel, community pools and centres, sports areas and a network of walkable gardens and parks lit by solar powered lights.

“The launch of Alghadeer is clear statement of Aldar’s ambition. From its strategic location to its sustainable living initiatives, Alghadeer signals the creation of a new way of living for UAE residents, now and in the future,” said Aldar CEO Talal Al Dhiyebi.

“We are confident of the demand for a community, which offers a distinct lifestyle – peaceful residential neighbourhoods, within close proximity to the bustling cities of Abu Dhabi and Dubai.

Aldar will initially launch the first neighbourhood of the project featuring 611 homes at Cityscape Abu Dhabi this week with prices starting from Dhs290,000 for maisonettes and Dhs899,900 for townhouses.

Read: Cityscape Abu Dhabi: Talking trends

Construction of this phase is due to begin this year and be completed by 2021.

On Sunday, Aldar confirmed an increase to its foreign ownership limit from 40 to 49 per cent limit shares trading on the Abu Dhabi exchange had come into force.

Read: Abu Dhabi’s Aldar confirms increase to foreign ownership limit