Aldar Properties plans to intensify work on a beachfront residential community, as it aims to build luxury homes for high-net-worth individuals, in Abu Dhabi, which has emerged as one of the newest havens of wealth in the world. The company expects to launch sales of about 7,000 luxury homes on Al Fahd Island in Abu Dhabi during the second half of the year.
Faisal Falaknaz, CEO of Finance and Sustainability at Aldar, told Bloomberg that the project will include schools, hotels, retail and entertainment facilities, and will cost about 25 Billion Dirhams ($6.8 Billion).
Falaknaz added: “We continue to see positive sentiment in the UAE real estate market, and we are confident in our ability to maintain current development performance levels.”
Aldar, which aims to build the project within 5 to 7 years, acquired 3.4 Million square feet of land on the island for 2.5 Billion Dirhams last year. Falaknaz said that buyers in the UAE represent 75% of the house’s sales. The company said strength in its key markets helped push first-quarter profits and sales up more than 80% from a year ago, and its shares closed up 4%.
Aldar has expanded its operations globally since the Covid pandemic through projects in Egypt and the United Kingdom, and plans to accelerate development activity in those countries, as well as in Abu Dhabi, Dubai and Ras Al Khaimah.
Late last year, Mubadala Investment Company and Ares Management announced that they would partner with Aldar to create a $1 Billion private trust to invest in properties across the UK and Europe. (Bloomberg)