Aldar Properties is to launch sales of its mid-market Meera Shams development on Abu Dhabi's Reem Island.
The project features two 26-storey towers with 408 one-, two- and three-bedroom apartments, and is aimed at residents on a salary between Dh20,000 and Dh30,000 a month.
Aldar said that prices start from Dh900,000 for a one-bedroom, Dh1.2 million for a two-bedroom and Dh1.6m for a three-bedroom apartment.
“We have targeted these apartments at the sort of person who can typically only afford to buy a studio or a one-bedroom apartment,” said Talal Al Dhiyebi, Aldar’s chief development officer, in April. “But they need a larger apartment for their families. These are people working in the oil and gas sector, teachers and nurses.”
House prices in Abu Dhabi remained stable during the first quarter and are expected to remain that way for the remainder of the year, according to property firm JLL.
Reem Island is popular among expatriate residents seeking rents lower than those at some of the prime areas of the city.
The most recent data from Asteco showed that one-bedroom apartments in the Shams community on Al Reem were renting at an average of Dh105,000-Dh120,000, while two-bedrooms ranged from Dh135,000-Dh175,000. Rents in the area were on average up 3 per cent year on year in the first quarter.
Along with Meera Shams, the capital’s largest listed developer announced two other projects at Cityscape Abu Dhabi in April.
The West Yas waterfront project of more than 1,000 villas on Yas Island will be reserved for Emiratis only to buy. Mayan, a second project on Yas Island will comprise more than 700 homes, including studios, one-, two-, three- and four-bedroom apartments, as well as town houses, villas and penthouses.
The Meera sales launch will take place at the Crowne Plaza Abu Dhabi, Yas Island, on June 13 and 14.
“Because of the strong demand for mid-market residential properties in prime locations in the capital, we are expecting high interest in the development from owner-occupiers and investors that are seeking homes and strong return on investment,” said Mohammad Al Mubarak, the chief executive at Aldar.
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