Abu Dhabi – Mubasher: Aldar Properties has acquired a land plot spanning 6.20 million square metres on Saadiyat Island for AED 3.68 billion.
The acquisition comes in line with Aldar’s plans to develop a mixed-use project on the island at an estimated gross value of AED 15 billion, according to a press release.
The integrated community on Saadiyat Island will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people.
The construction works are set to begin in the second half (H2) of 2022 over a four-year development period.
CEO at Aldar, Talal Al Dhiyebi, said: “This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi.”
In 2021, the developer posted AED 2.32 billion in net profit attributable to the owners, an annual increase of 21% from AED 1.93 billion.
