Aldar unveils $544m villa project in Abu Dhabi amid growing demand

The development, Fay Alreeman, is situated in the Al Shamkha area and consists of 554 villas with unit prices starting at Dh2.7m

Sales of villas at Fay Alreeman will start on April 24 and handovers are expected to begin in the final quarter of 2025. Photo: Aldar

Abu Dhabi’s Aldar Properties has launched a Dh2 billion ($544 million) residential villa project, called Fay Alreeman, as the company seeks to cater to growing property demand in the emirate.

The new project, in Al Shamkha area, marks the second phase of the Alreeman II development. It consists of 554 villas — from Dh2.7m — with units available for purchase by Emiratis, Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.

The villas, ranging in size from 301 square metres for a three-bedroom unit to 507 sqm for a six-bedroom unit, will go on sale from April 24.

Handovers are expected in the final quarter of 2025, Aldar said.

“Alreeman II has been well received by the market as UAE nationals continue to seek well-priced, high-quality and comfortable living spaces in desirable destinations across the emirate,” said Rashed Al Omaira, chief commercial officer at Aldar Development.

“Launching a range of villas in the second phase is a direct response to the demand we have seen in the market for a ready product that residents can quickly move into.”

The UAE property market rebounded strongly from the pandemic-induced slowdown, with villas, in particular, recording strong growth as residents move to larger homes with outdoor amenities due to a surge in remote working.

In addition, economic support measures and government initiatives — such as residency permits for those who have retired and remote workers, in addition to the expansion of the 10-year golden visa programme — also helped to improve market sentiment.

Rashed Al Omaira, chief commercial officer at Aldar Development said. Photo: Aldar

Abu Dhabi registered real estate transactions worth Dh71.5bn in 2021 and the total number of transactions across sales and mortgage deals stood at 14,958, Abu Dhabi's Department of Municipalities and Transport said in a report earlier this year.

Yas Island was the best-performing area, registering Dh4.1bn in deals, followed by Reem Island at Dh3.2bn and Saadiyat Island with Dh2.5bn.

Aldar is also constructing a Dh1.8bn sustainable city on Yas Island in partnership with Dubai-based Diamond Developers. The project with 864 units will be financed through a mix of debt and equity by both developers.

Earlier this month, the developer also announced the acquisition of 6.2 million square metres of land on Saadiyat Island to develop a Dh15bn mega mixed-use project.

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, it said.

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.

Updated: April 11, 2022, 12:58 PM
EDITOR'S PICKS