Abu Dhabi developer Aldar Properties has recorded sales of Dhs1.6bn for its new mega Dhs2bn development Alreeman in the Alshamkha area.
Buyers “queued up overnight outside Aldar’s sales centre on Yas Island” to invest in plots at the project, which has investment zone status, the company said in a statement.
Spread across an area of 2.8 million square metres, the mid-market, mixed-use development offers residential and commercial land plots for sale.
Prices start from Dhs690,000 for villa plots and Dhs4.69m for commercial plots.
The land plots include a series of residential clusters that will feature single and multi-residential villas and apartments, along with retail space, F&B, mosques, sports, education and commercial facilities.
Located close to the Abu Dhabi International Airport, Alreeman will also feature gardens, parks, open spaces and cycle tracks.
Investors will be able to design their villa or apartment building according to their exact specifications within the approved GFA limits, Aldar added.
Construction is expected to begin in 2019 with infrastructure-enabled land targeted for handover to customers in 2021.
Maan Al Awlaqi, executive director – Commercial at Aldar said: “We are seeing a really diverse buyer mix for both our commercial plots and our villa plots as people see the major yield potential on offer for this product.”
Catering to the mid-income segment, Alreeman is part of Aldar’s strategy to expand its focus to new areas of Abu Dhabi, the statement said.
Talal al Dhiyebi, CEO, Aldar Properties, said: “Abu Dhabi is proving that its real estate market is both attractive and resilient, particularly in the context of a 2018 which witnessed significant government initiatives such as Ghadan 21, and we see our sales performance as a positive sign that these are now feeding directly into the market.”