Aldar launches residential developments worth $1.4bn

High-end developments to be developed in Yas, Al Raha and Nareel Island for nationals and expats by Aldar

A render of  Aldar’s Ansam Development in Yas area

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Aldar Properties announced the launch of three new residential developments across notable spots in Abu Dhabi, open for investment by both, UAE nationals and expats, at a press conference earlier today.

Construction work on Ansam development at Yas Island, Al Hadeel development on Al Raha Beach Waterfront and Nareel Island, near Al Bateen in Abu Dhabi will commence between late-2014 and early 2015.

While Ansam and Al Hadeel developments will be available for purchase by non-UAE citizens and nationals alike, Nareel Island will be developed exclusively for UAE nationals looking to build villas. The combined value of the developments amounts to $1.4 billion.

“We (Aldar) extensively studied the Abu Dhabi property market and its trends before deciding to launch these projects,” said Gurjeet Singh, chief development officer of Aldar Properties. “All three spots – Yas, Al Raha and Al Bateen – are well-enabled in terms of infrastructure, and we believe each of them is ripe to be launched in the market.

“Their locations differentiate them from the existing ones in Abu Dhabi, and we will accordingly develop the projects to suit the current demand in the property market,” Singh added.

The first phase of Ansam development will contain 540 golf fairway apartment units, in Yas Island, which also hosts Yas Links Golf Course, Yas Waterworld and the upcoming Yas Mall, slated to be Abu Dhabi’s largest. Al Hadeel development will include 230 apartment and townhouse units. The final development on Nareel Island will include 143 villa plots.

Handover for Ansam and Al Hadeel developments has been scheduled for early-2017. “If construction begins on schedule by early 2015, then early-2017 is a realistic completion target,” Singh added.

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