|12 June, 2019

Aldar launches $463mln Abu Dhabi residential community

Construction work will kick off later this year, with the first handovers likely to begin from 2021-end

Headquarters of Aldar is seen in Abu Dhabi, United Arab Emirates, December 24, 2018. Reuters/Hamad I Mohammed

Headquarters of Aldar is seen in Abu Dhabi, United Arab Emirates, December 24, 2018. Reuters/Hamad I Mohammed

REUTERS

Leading UAE developer Aldar Properties has announced the launch of Alreeman II, a Dh1.7 billion ($463 million) master-planned residential community in the Alshamkha area of Abu Dhabi, available exclusively for purchase by Emiratis.

The Alreeman II follows the runaway success of Alreeman, launched this January which generated Dh1.6 billion ($435 million) in sales.

Spread across a 2.4 million sq m area, the development features 1,690 villa plots, which range between 500 to 1,000 sq m in size. Residents will benefit from a wide range of amenities including a school, retail offerings, parks, mosques, and running and cycling tracks catering to their specific needs and interests, said the Abu Dhabi developer in its statement.

Alreeman II addresses pent up demand for affordable, infrastructure enabled land plots where owners can build homes to their exact specifications and taste.

Sales of the first phase of the land plots will commence on June 22, with prices starting from Dh690,000 ($187,820) per plot, it stated.

Construction work will kick off later this year, with the first handovers likely to begin from 2021-end, it added.

Commenting on the launch, CEO Talal Al Dhiyebi, said: "Alreeman II builds on the incredible success of Alreeman, launched earlier this year. This expansion is a clear response to high demand among UAE nationals to create communities in the Alshamkha area and we are committed to delivering high quality and comfortable living spaces that meet these needs."

"We look forward to developing a new community that Emiratis can call home," he stated.

Alreeman II’s masterplan has been oriented into clusters each with their own parks and amenities in order to create a strong sense of community, said the top official.

The development is located in close proximity to the Abu Dhabi International airport, key arterial highways and some of Abu Dhabi's major infrastructure projects and lifestyle destinations, including Yas Island, Zayed City, New Al Falah, Masdar City, and Mohammed Bin Zayed City, he added.-TradeArabia News Service

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