UAE’s Aldar Properties unveils homes dedicated to health and wellbeing

Aldar Properties, the biggest property developer in Abu Dhabi, has launched a limited number of apartments at ‘The Source’, a community dedicated to holistic health and wellbeing of the residents.

The Source boasts 204 apartments and penthouses and provides residents with a range of unique offerings that cover all aspects of physical and mental wellbeing, from wearables and sleep apps to meditation rooms and premium fitness facilities.

Construction of the project is set to start in the last quarter of 2023, with handovers projected for Q3 2026.

“We have seen quality homes in communities that are purposefully designed and built to support the holistic health and wellbeing of residents. As the first development of its kind in the UAE, we anticipate strong demand from both owner occupiers and international investors,” said Rashed Al Omaira, chief commercial officer at Aldar Development.

The low-rise community is designed with carefully selected materials, colours, and bioorganic architecture to offer a premium wellness environment and an elevated living experience.

Residents will have access to a full suite of amenities, including yoga, Pilates and meditation rooms, gyms, pools, thermal suites and saunas, outdoor and indoor play areas, squash courts and an exclusive residents’ lounge.

Located at the heart of the Saadiyat Cultural District, The Source offers residents a cultural playground to explore on their doorstep including the Louvre Abu Dhabi, the Guggenheim Abu Dhabi, the Abrahamic Family House, the Zayed National Museum and the Natural History Museum.

Homes at The Source range from one-bedroom to two-bedroom apartments and each property comes with a choice of two themes for interior finishing to cater to individual customer preferences.

The Source will be developed with social and environmental sustainability measures in mind. Targeting a minimum of a 2 Pearl Estidama rating, the project will feature sustainable design elements that reduce carbon emissions and water usage throughout the design, build, and living phases of the development.

Aldar investments

Meanwhile, Aldar announced in February that it plans to start work on projects in Dubai this year after the property giant expanded into the Middle East’s business hub through a joint venture with Dubai Holding.

The launch of The Source comes as Aldar is investing extensively amid a spectacular rebound in the UAE’s property market that is being fueled by wealthy global investors that are being lured by a flurry of reforms that are being implemented in the Gulf state.

Aldar jointly acquired a Grade A commercial office located on Al Maryah Island in Abu Dhabi for Dhs450m with state investor Mubadala last December. The property firm also bought a beach resort property in Ras Al Khaimah for Dhs770m in April 2022.

The Abu Dhabi developer signed an agreement with Mubadala to acquire four commercial towers that are part of the Abu Dhabi Global Market, the city’s international financial centre.

The Al Sila, Al Sarab, Al Maqam and Al Khatem towers, which have a total net leasable area of 180,0000 square metres, are valued at Dhs4.3bn.

Beyond the UAE, Aldar has gained a foothold in Egypt by acquiring a majority stake in a developer known as Sodic and is also reportedly considering buying a majority stake in Egyptian developer Medinet Nasr Housing. In August 2022, investment vehicles managed Apollo Global Management also acquired a minority stake in Aldar’s subsidiary Aldar Investment Properties in a deal valued at $400m.

The company reported a full-year profit of Dhs3.1bn in 2022 and Dhs5bn of surplus equity capital, which it aims to deploy to fund a pipeline of acquisitions.

Read: Abu Dhabi-based Aldar records net profit of Dhs3.1bn in 2022

Aldar’s development revenue backlog reached a record of Dhs17.6bn in 2022. The property developer also said it holds a strong liquidity position with Dhs6.5bn of free cash and Dhs4bn of committed undrawn facilities.