Abu Dhabi launches $2.18bln new housing project

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UAE - A new residential development valued at AED8 billion ($2.18 billion), located north-east of Yas Island in Abu Dhabi, was launched yesterday (July 17) by HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

Aldar Properties in partnership with the Abu Dhabi Housing Authority (ADHA) is developing the project, named Balghaiylam, as part of Abu Dhabi Government’s efforts to develop integrated and sustainable residential neighbourhoods that will further enhance family stability and community wellbeing in the emirate, said a statement.

The project, which is scheduled to be completed by 2026, will offer 1,743 high-quality ready-built homes and access to a broad range of facilities.

In addition to high-quality housing, the Balghaiylam residential project includes schools, mosques, retail and F&B outlets, sports centres, community gardens, playgrounds and parks, and an equestrian centre, providing citizens with access to amenities in an integrated community.

Sheikh Khaled, who reviewed the design features of the project, was accompanied by Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism and Chairman of Aldar Properties; Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport and Chairman of Abu Dhabi Housing Authority; Saif Saeed Ghobash, Secretary General of Abu Dhabi Executive Council; Hamad Hareb Al Muhairi, Director General of Abu Dhabi Housing Authority; and Talal Al Dhiyebi, Group CEO of Aldar Properties.

The project is in line with Abu Dhabi Government’s plan to leverage public-private partnerships and provide Emiratis with suitable housing within real estate projects developed by approved developers.

Citizens who have been pre-approved by ADHA can use their loan to purchase three- to six-bedroom villas with a range of architectural designs and interior layouts, according to their needs and finances.

ADHA will provide Aldar with a list of eligible citizens to review the available villas, and then complete the purchase process.

Al Shorafa said: “Providing citizens with a good quality of life and meeting their housing needs is a top priority for Abu Dhabi’s leadership. To ensure more housing benefits and options that meet Emirati families’ needs and aspirations, Abu Dhabi Housing Authority is launching new housing projects in partnership with the private sector. This partnership with Aldar aims to provide an array of villas for citizens to increase home ownership among Emiratis and reduce delays in obtaining adequate housing.

Al Mubarak said: “As a strategic partner of Abu Dhabi Government, we are committed to leveraging our extensive expertise and industry knowledge to build sustainable and integrated communities where UAE nationals want to live. Our aim is to contribute to the success of this ambitious plan by meeting the needs of citizens, providing stability for their families, and ultimately fostering happy and healthy communities.”