Aldar acquires land bank valued at Dhs3.68bn on Saadiyat Island

Aldar Properties has acquired 6.2 million sq m of prime land located on the east side of Saadiyat Island, significantly expanding Aldar’s land bank on the island. The plot has been earmarked for a mixed-use development project.

The proposed development, which aims to boost Saadiyat Island’s position as a fully developed residential, cultural and leisure destination, will be home to over 15,000 people. The integrated community will include 2,700 units, most of which are villas, with an estimated gross development value of Dhs15bn.

The land is valued at Dhs3.68bn and the acquisition consideration will be paid in kind as the development progresses, with construction scheduled to begin in the second half of 2022 over a four-year development period.

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. It also points to Aldar’s position as the developer of choice in Abu Dhabi and the long-term sustainable value that our business can create for the local community as well as our shareholders.”

Saadiyat Island is also home to Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, and educational institutes such as NYU Abu Dhabi and Cranleigh School.

In other news, Aldar Properties recently increased its investment in Ras Al Khaimah to Dhs1.5bn, with its acquisition of Rixos Bab Al Bahr from RAK Hospitality Holding. Aldar also secured development rights for an additional 250,000 sq ft of gross floor area for residential and commercial use.

Read: Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, takes total investment in RAK to Dhs1.5bn

In February, the company acquired Al Hamra Mall in Ras Al Khaimah. Additionally, Aldar secured development rights for an extra 11,200 sq m of gross floor area, with an option to acquire an additional 7,400 sq m for retail and commercial use.

Read: Aldar Properties enters Ras Al Khaimah with Dhs410m acquisition of Al Hamra Mall