Abu Dhabi’s biggest developer Aldar Properties unveiled the last phase of Saadiyat Reserve, a residential project on Saadiyat Island, as the company continues to expand its property portfolio.
The new phase, named Saadiyat Reserve The Dunes, consists of 83 four- and five-bedroom villas, Aldar said on Wednesday.
Saadiyat Reserve's previous phases offered only villa plots, which proved popular with customers, said Rashed Al Omaira, chief commercial officer at Aldar Development.
“We expect similar demand for our turnkey villa options at Saadiyat Reserve The Dunes,” he said.
Prices of four-bedroom villas, which span 539 square metres, start from Dh6.49 million ($1.76m) while five-bedroom villas, which are between 637 square metres and 686 square metres, start from Dh7.99m, according to the company.
In line with Aldar’s commitment to the UAE’s In-Country Value programme, there will be a significant focus on sourcing building materials for the project locally as part of efforts to reduce carbon emissions.
The UAE property market continues to recover from the coronavirus-induced slowdown, supported by stimulus measures and an extensive vaccination programme.
Average villa prices in Abu Dhabi grew by 1 per cent on a quarterly basis at the end of the first quarter in 2021 while apartment sales prices remained unchanged, according to the latest report from Asteco.
“[The] UAE and Abu Dhabi have [shown] great resilience – economically and in the way they dealt with the health crisis," Jonathan Emery, chief executive of Aldar Development, told The National in an interview in May.
These measures have boosted investor confidence and "one of the primary asset classes" they are choosing to invest in is property, he said.
The UAE government has over the past year introduced a number of measures to support the economy, including visas for retirees and professionals working remotely, as well as the expansion of the 10-year golden visa initiative.
Aldar plans to launch five new projects this year on Reem, Saadiyat and Yas Islands and aims to equal or surpass 2020 sales of Dh3.6 billion, said Mr Emery.