Aldar Properties has unveiled details of a new AED 10bn ($2.72bn) masterplan for a mixed-use mega-project near Abu Dhabi’s border with Dubai.
The developer is looking to take advantage of a large number of major projects underway in the area, including Dubai South, which will be home to Al Maktoum International Airport, tipped to eventually become the world’s largest.
Spread across a total residential gross floor area (GFA) exceeding 1.3 million sqm, Alghadeer will comprise of 14,408 units - including villas, townhouses and maisonettes – complemented by office space, retail space, hospitality, education and community amenities.
The masterplan incorporates Aldar’s existing community of the same name, which has over 2,000 homes.
Talal Al Dhiyebi, CEO, Aldar Properties said: “The launch of Alghadeer is a clear statement of Aldar’s ambition. From its strategic location to its sustainable living initiatives, Alghadeer signals the creation of a new way of living for UAE residents, now and in the future.
“We are confident of the demand for a community which offers a distinct lifestyle - peaceful residential neighbourhoods, within close proximity to the bustling cities of Abu Dhabi and Dubai.
“This launch further underlines how Aldar is expanding its successful destination-led strategy to additional areas of Abu Dhabi, capitalizing on the UAE’s flourishing population as well as our reputation as Abu Dhabi’s leading developer. The scale and 15-year timeframe of the development underlines Aldar’s confidence in the Abu Dhabi residential market.”
Alghadeer is designed to benefit from the significant growth being experienced in the north of Abu Dhabi and the south of Dubai.
This area of the UAE includes major job creating projects such as Dubai Expo 2020, KIZAD, Dubai World Central incorporating Dubai South, Al Maktoum Airport, as well as Dubai Industrial and Wholesale Cities, which will further boost the demand for high quality living spaces on the border of the two Emirates.
Aldar will launch the first neighbourhood of 611 homes this week. Construction is scheduled to commence later this year and be completed during 2021.