Abu Dhabi developer gives details of four new projects including Shams Marina.
The Abu Dhabi-listed Aldar Properties says it is to invest AED 1.9 billion ($517 million) in four new projects on Yas and Reem islands.
The allocation of the recurring revenue on the projects completes a AED 3 billion investment programme, the developer said.
The AED 1.9 billion in investments comprise mid-market residential, hospitality and leisure, and retail assets on Yas Island and Reem Island.
They follow the AED 1.1 billion already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school.
The four new projects are scheduled to start construction this year and complete during 2019 and 2020.
They include 600 mid-market residential units on Reem Island, part of Aldar’s drive to “capitalize on the untapped potential for high quality mid-market residential property in the heart of Abu Dhabi.”
The second project announced is Shams Marina on Reem Island. The mixed-use development will comprise 329 marina residences, 192 serviced apartments, a 262-key 4-star Hotel, including a club house and private beach.
The third project is the Yas Mall Hotel on Yas Island. The 4-star property, attached to the mall, is aimed at the family segment of the market. The hotel will have 349 keys, of which 70 will be serviced apartments.
The fourth project announced is a retail park on Yas Island. That will be dedicated to the consumer segment of the automotive market, and contain new car dealerships and F&B outlets.
Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said in a statement: “The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long term recurring revenues. We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth.”
[Ref: meconstructionnews.com]
