The land will be used to develop an integrated community that will include 2,700 units, most of which are villas, with an estimated Gross Development Value of $4.08bn.
Abu Dhabi-headquartered real estate development, management, and investment firm Aldar Properties PJSC (Aldar) has acquired 6.2 million square metres of prime land located on the east side of Saadiyat Island. The proposed development, which will boost Saadiyat Island’s position as a fully developed residential, cultural, and leisure destination, will be home to more than 15,000 people.
The land is valued at $1bn and the acquisition consideration will be paid in kind as the development progresses. Construction is scheduled to begin in the second half of 2022 over a four-year development period. With a host of cultural, recreational, and leisure amenities on Saadiyat Island and the adjacent Yas Island, the newly acquired plot boasts significant potential.
The plot will be developed into a leading mixed-use development, with villas and retail offerings spread throughout a nature-inspired residential community. The development’s ample greenery and parks, which span almost one million square metres, will complement the beauty of its mangrove surroundings on Saadiyat Island.
