Aldar Properties, Abu Dhabi’s biggest listed developer, has launched a development of 778 homes across six buildings in Saadiyat Cultural District amid strong property demand.
The first phase of Sei Saadiyat will feature 265 homes within two buildings, with sales due to begin on September 16, Aldar said in a statement on Monday.
The collection will include one-bedroom, two-bedroom and three-bedroom apartments, as well as two-bedroom lofts. The project is designed around wellness, relaxation, fitness and restorative living, the developer added.
Sei means stillness and calm in Japanese. The development includes hot and cold garden pools, a Zen garden with a serenity pool, outdoor yoga decks, three indoor gyms, outdoor fitness areas and sports courts. Aldar said the project introduces a loft-style format to its residential portfolio.
Aldar also plans to unveil more projects in the second half of the year, focusing on the luxury and middle-income segments, it said in July.
Aldar’s group development backlog reached Dh71.6 billion ($19.49 billion) at the end of June, including Dh59.9 billion in the UAE, which is expected to drive company's revenue recognition over the next two to three years.
The company reported a 10 per cent annual jump in its second-quarter profit to Dh2.16 billion, as revenue rose 5 per cent during the period, despite uncertainty caused by the Iran war.
In August, Abu Dhabi sovereign wealth fund Mubadala Investment Company boosted its stake in Aldar Properties. Through its subsidiary Mamoura Diversified Global, Mubadala increased its shareholding in Aldar from 27.01 per cent to 28.03 per cent of the company’s issued share capital.
The latest launch comes as Abu Dhabi continues to expand Saadiyat Island as a major cultural, residential and tourism destination, with a growing concentration of museums, hospitality and residential projects.
Saadiyat Cultural District includes major attractions, such as Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi and teamLab Phenomena Abu Dhabi. The Guggenheim Abu Dhabi museum is also due to open soon on the island.
