Abu Dhabi’s largest largest developer Aldar Properties has launched a massive Dhs2bn development in Alshamkha, called Alreeman.
Spread across an area of 2.8 million square metres, the mid-market, mixed-use development will offer for sale residential and commercial land plots, a statement said.
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.
Alreeman will also feature gardens, parks, open spaces and cycle tracks.
Prices start from Dhs690,000 for villa plots and Dhs4.69m for commercial plots. Sales will begin on January 19.
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, Aldar stated.
The development – which has investment zone status – offers smaller plot sizes with ready infrastructure, for which there is demand in the market, said Maan Al Awlaqi, executive director – Commercial at Aldar.
“On the back of our successful mid market developments – the Bridges, Waters Edge and Alghadeer, we are witnessing significant pent up demand for mid market land plots,” he said.
Talal Al Dhiyebi CEO of Aldar added: “The launch of Alreeman further expands our focus onto the new areas of Abu Dhabi.”
Aldar recently reported a 30 per cent dip in third quarter profit as a slump in Abu Dhabi’s real estate market continued.
The company said profit attributable to its owners stood at Dhs421m ($114.7m) in the three months ending September 30 compared to Dhs598m in the same period last year, according to Reuters.
Revenue was up 8 per cent to Dhs1.5bn ($408.3m).