Aldar Properties, Abu Dhabi's largest developer, has acquired 6.2 million square metres of land on Saadiyat Island as part of its plans to develop a Dh15 billion ($4bn) mega mixed-use project.
The land is valued at Dh3.68bn and the acquisition consideration "will be paid in kind as the development progresses", Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
The integrated community will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people when complete.
Construction is scheduled to begin in the second half of 2022 over a four-year development period.
“This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi," said Talal Al Dhiyebi, group chief executive at Aldar Properties.
"The transaction is also a milestone in the development of Saadiyat Island as it will lead the island towards becoming a fully developed destination with an even wider choice of villa living."
Abu Dhabi's property market has been recovering from the pandemic-induced slowdown and registered property transactions worth Dh71.5bn in 2021, the Department of Municipalities and Transport said.
Yas Island topped the list of high-performing areas, registering Dh4.1bn in deals, followed by Reem Island (Dh3.2bn) and Saadiyat Island (Dh2.5bn).
Villas, in particular, enjoyed strong demand in 2021, with sale prices recording an average annual growth of 14 per cent last year, driven by existing communities on Saadiyat Island and Yas Island, another report by property consultancy Asteco said.
The emirate has hosted several new launches this year. Last month, Bloom Holding launched a Dh9bn gated community in the capital called Bloom Living, which will feature more than 4,000 Spanish-style villas, townhouses and apartments surrounding a large lake.
Meanwhile Q Properties announced its Dh8bn Reem Hills gated development, a villa project featuring a man-made hill and other luxury amenities.
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Louvre Abu Dhabi Residences by Aldar is expected to have a handover in 2025. All renderings: Aldar -
The view from a balcony that overlooks Louvre Abu Dhabi. -
Another rendering shows a view of the museum from the development. -
An illustration of a typical bedroom at Louvre Abu Dhabi Residences by Aldar. -
The lobby will contain artwork selected in close consultation with Louvre Abu Dhabi. -
The cafe will also offer a view of the museum. -
A rendering of the living room with floor-to-ceiling windows. -
Another rendering of the lobby shows water features and sculpture. -
The pool will have views of Louvre Abu Dhabi. -
Residents will have their own private 12-seat cinema. -
They can also ask the concierge service to provide a private chef. -
There are special concierge services on offer for residents, such as pet sitting and dog walking. -
A rendering of the Creativite Room, which includes a play area.
Aldar also unveiled its Louvre Abu Dhabi Residences project last month, which offers views of the museum and the Arabian Gulf. It will comprise 400 apartments including studios, one, two and three-bedroom apartments as well as five penthouses.
The residences will be within Saadiyat Grove and the development has an expected handover date of 2025.
"With a host of cultural, recreational, and leisure amenities on Saadiyat Island and the adjacent Yas Island, the newly acquired plot boasts significant potential," Aldar said on Monday.
Villas and retail offerings in the new development will be spread throughout a "nature-inspired" residential community.
"The development’s ample greenery and parks, which span almost one million square metres, will complement its mangrove surroundings on Saadiyat Island."
Saadiyat Island currently houses the Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts and educational institutes including New York University Abu Dhabi and Cranleigh School.
Aldar, which reported a 21 per cent jump in its full-year 2021 profit to Dh2.3bn, recorded strong property sales amid the continued recovery of the UAE's real estate market.
In February, Apollo, one of the world’s largest alternative investment managers, also agreed to invest $1.4bn through some of its funds and clients in Aldar Properties. The deal represents one of the largest foreign direct investments in Abu Dhabi’s private sector.
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The Ansam development on Yas Island. Photo: Aldar -
Lea, located on the northern shores of Yas Island. Photo: Aldar -
The Mayan development on Yas Island. Photo: Aldar Properties -
Noya, a residential community on Yas Island. Photo: Aldar Properties -
The Water’s Edge project on Yas Island. Photo: Aldar -
The West Yas waterfront on Yas Island. Photo: Aldar Properties -
The Mamsha Al Saadiyat development. Khushnum Bhandari / The National -
Saadiyat Reserve. Photo: Aldar -
The Arc, left, part of the Shams complex on Al Reem Island. Christopher Pike / The National -
Meera at Shams Abu Dhabi on Reem Island. Photo: Aldar Properties -
The Reflection development on Al Reem Island. Photo: Aldar -
Sun and Sky Towers on Al Reem Island. Ravindranath K / The National -
The Bridges on Reem Island. Photo: Aldar -
The Gate Towers on Reem Island. Delores Johnson / The National -
Al Muneera at Al Raha Beach in Abu Dhabi. Photo: Better Homes -
Al Zeina apartment blocks at Al Raha Beach. Ravindranath K / The National -
Al Hadeel apartment complex at Al Raha Beach. -
Aldar’s Al Rayyana development. Photo: Aldar -
Al Ghadeer residential area in Abu Dhabi. Pawan Singh / The National -
The Eastern Mangroves. Photo: TDIC -
A rendering of Nareel Island, one of three new residential projects being developed by Aldar Properties in Abu Dhabi. Photo: Aldar -
Villas at Sas Al Nakhl in Abu Dhabi. Galen Clarke / The National -
The World Trade Centre building and Burj Mohammed Bin Rashid tower. Mona Al Marzooqi / The National
