Dubai’s MAG, F5 buy Aldar’s 202 units-full residential tower
Aldar Properties has announced the sale of a residential tower in Abu Dhabi’s Reem Island to MAG F5 Holdings, a joint venture between Dubai’s MAG Group and Fortune5 Investments, at an undisclosed price.
The tower in the capital’s Marina Square development comprises 202 units across 44,424sqm of sellable area. Aldar’s newly-appointed CEO Mohammed Al Mubarak said the sale is part of his strategy to &ldquo diversify the firm’s customer base”.
“The sale of the residential tower is part of our broader strategy of injecting capital into new developments and to diversify Aldar’s customer base with institutional investors,” he said.
“This is the first major acquisition by a Dubai-based investor in a number of years and demonstrates stronger investment ties between the two emirates.”
Earlier this month, Aldar launched the sale of 21 penthouse units at its development in Shams area of Al Reem Island, called ‘The Gate’. Eight of the 98 planned developments for Shams are already constructed, eight are under-construction and the rest are awaiting design review and approval by Aldar.
In April 2014, the development firm launched three residential projects in the Al Raha, Al Bateen and Yas areas of Abu Dhabi. The combined value of the projects at the time was $1.4 billion.
“We (Aldar) studied the Abu Dhabi property market and its trends extensively before deciding to launch these projects,” Gurjeet Singh, chief development officer of Aldar Properties said of the projects.
“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.