Aldar launches Dh722m residential project

Abu Dhabi: Aldar Properties announced on Sunday its first residential community in the heart of Saadiyat Island – Saadiyat Reserve. The Dh 722 million community features 306 infrastructure enabled land plots open to buyers of all nationalities.

The new project is the first land plot development to be launched on Saadiyat Island since the introduction of new laws enabling foreign buyers to own freehold land in investment zones in Abu Dhabi in April 2019.

The launch of Saadiyat Reserve follows the overwhelming success of Aldar’s three land plot sale launches – Alreeman, Alreeman II and Lea – which collectively generated solid sales of Dh 2.4 billion, reflecting a growing demand for well-priced, infrastructure-enabled land plots in Abu Dhabi.

The 422,370 square metre community will offer 306 villa plots of various sizes, ranging between 600 to 1,400 square metres, ideally suited to accommodate homes of 4 to 6 bedrooms. The different plot sizes provide flexibility for customers to design bespoke homes to suit their needs and tastes. Amenities in the community will include community centres, parks, schools, mosques and a host of retail offerings.

Aldar is offering a variety of payment plans with a 5 percent down payment. Works on the project are due to begin in Q1 2020 with handovers scheduled for mid-2022.

“One of the most sought-after destinations in Abu Dhabi, Saadiyat Island, is rapidly becoming an address of choice for home buyers who are looking to benefit from the prestigious lifestyle it offers. With the launch of Saadiyat Reserve, we wanted to cater to this demand and the increasing interest in land plot sales in Abu Dhabi,” said Talal Al Dhiyebi, chief executive officer at Aldar, commenting on the new launch.

“We believe that this project offers an exciting opportunity for potential buyers who are looking to own freehold land and design bespoke homes minutes away from some of the capital’s most inspiring cultural and educational landmarks,” he added.

“Saadiyat Reserve strongly complements our existing portfolio of high-quality assets on the Island, such as Mamsha and Jawaher, and will benefit from the wide-scale infrastructure work we were recently awarded by the Abu Dhabi Government,” Al Dhiyebi said.

Saadiyat Reserve is located opposite the New York University Campus and is close to several landmarks including Louvre Abu Dhabi, Cranleigh and Saadiyat Beach Resorts as well as other leisure and retail destinations.

In July 2019, the Abu Dhabi Government partnered with Aldar to deliver social, economic and infrastructure projects worth Dh 5 billion across a number of key destinations in the emirate. Among those, Aldar was appointed to complete the remaining infrastructure and public realm works on Saadiyat Island worth Dh 2 billion. The project will facilitate further integration of Saadiyat Island into the broader Abu Dhabi metropolitan area with the construction of roads and utilities.