Aldar working on $1.5bn UAE housing projects
Abu Dhabi, March 10, 2014
Aldar Properties, one of the largest developers in the UAE, said it is working on national housing projects worth Dh5.7 billion ($1.55 billion) in Abu Dhabi.
The Abu Dhabi-based builder said Its pipeline of housing projects being developed on behalf of the government of Abu Dhabi presently stands at 2,300 units.
The projects are fully funded by the Government of Abu Dhabi and form part of its on-going commitment towards building sustainable communities as well as raising the quality of living for UAE nationals.
Aldar said its is overseeing the delivery of the developments on behalf of the government.
These include two large villa projects in Abu Dhabi and one in Al Ain. The projects consist of 1,020 villas on Yas Island and 996 villas in Al Falah and 275 Villas at Al Ghuraibah in Al Ain.
When completed in 2016, all three developments will achieve a level two rating on the Pearl Estidama System, a rating methodology used by the Urban Planning Council for the sustainable construction and operation of buildings and communities, said Aldar in its statement.
The development on Yas Island is located along the western shore of the island and has a total site area of 220 hectares.
It will boast of a primary and secondary segregated school for up to 1,800 students that will be operated by Aldar Academies, and an Abu Dhabi Education Council Government school, three mosques and two residents clubs that includes swimming pools, outdoor recreational areas and small F&B operations as well as three retail areas distributed across the development.
The development at Al Falah is in addition to the overall master-planned community developed for UAE nationals which occupies a 12.5 million sq m area and is located on the east side of the Abu Dhabi International Airport and Abu Dhabi-Dubai highway.
Al Falah consists of five 'villages’ and offers 4,857 villas and is already home to thousands of people.
The Abu Dhabi builder said the 275 units at Al Ghuraibah in Al Ain are an extension of the existing master-planned community developed by Aldar and will feature a range of community facilities such as a school, mosques and retailers.
Aldar is currently in the process of handing over 1,887 completed national housing units to the Abu Dhabi government authorities, said a senior official.
These developments consist of 839 villas in Watani and Al Raha in Abu Dhabi, 448 villas at Sila’a in the Western Region, and 600 villas at Ghuraibah in Al Ain.
"Aldar has already delivered, to the government of Abu Dhabi, 4,857 villas at Al Falah, bringing the total number of units developed or delivered to 6,744 homes for UAE nationals," remarked Mohamed Al Mubarak, its deputy chief executive and chief portfolio management officer.
"These significant developments on Yas Island and at Al Falah will really add to the existing communities in both locations," he stated.
Yas Island, said Al Mubarak,is now establishing itself as an attractive and accessible destination for both residents and tourists with international recognition.
"Al Falah is already an established development with a thriving community, home to thousands of residents. Al Ghuraibah in Al Ain is in the process of being handed over and will quickly become an active community," he added.
On its solid performance, COO Fahed Al Ketbi said: “Aldar has a proven track-record of developing high-quality large-scale housing projects. It is a great honour to be building a further 2,300 units on behalf of Abu Dhabi government for the people of the UAE."
"At the same time we have also started handing over 1,887 completed national housing units to the Government of Abu Dhabi. This now brings our total number of completed homes built for UAE nationals to over 6,744 making Aldar the preeminent partner for the Government in delivering on its national housing requirements," he added.-TradeArabia News Service