Aldar Properties on Saturday launched a Dh440 million residential development on Abu Dhabi’s Reem Island as the biggest-listed developer in the emirate continues to strengthen its portfolio in the home market.
Construction on ‘Reflection’ is expected to commence this year with 2021 targeted for completion of the project, the company said in a statement without saying if it has selected contractors for the job or how it will finance the project. The boutique development will offer 374 studios, one, two and three-bedroom apartments spread across two towers, it said.
"We have witnessed sustained demand for this type of product – led by high-end amenities, in prime locations, and affordable for a wide range of customers,” Talal Al Dhiyebi, the chief executive officer of Aldar, said. “Reflection represents Aldar’s continuous evolution in this boutique segment.”
The property market has slowed in recent years in the wake of a three-year oil slump that appears to have come to an end with the rebound in energy markets. Brent crude hit $70 a barrel on Friday marking the fourth consecutive weekly gain. Aldar which is behind some of the iconic developments in the Abu Dhabi’s Reem and Yas Islands such as Formula One circuit, has launched several new projects last year, some of them with a particular focus on affordable housing to increase the pool of investors.
Aldar has made a string of announcements over the last week, including raising the company’s foreign ownership limit by 9 per cent on Wednesday, allowing foreigners to own up to 49 per cent of its share capital. The company also entered a strategic partnership with Emaar Properties, the developer behind the world’s tallest tower, Burj Khalifa.
The two firms on Tuesday announced a strategic partnership “to develop the world’s next era of iconic destinations,” with a targeted Dh30 billion national and international development pipeline. The agreement, which was signed by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, is by far the biggest collaboration between property developers from different emirates.
The alliance will initially focus on two UAE-based projects, Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, the companies said in stock exchange statements on Wednesday.
Saadiyat Grove, which is set to open in 2021, is a mixed-use development that will feature close to 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square metres of retail space. Emaar Beachfront is a private island situated between Dubai’s Jumeirah Beach Residence and Palm Jumeirah. It will consist of approximately 7,000 residential units with access to a 1.5 kilometres of private beach.