Abu Dhabi-based property developer Aldar Properties announced on Monday the launch of a new 10 billion UAE dirhams ($2.72 billion) masterplan for the Alghadeer community project located within its Seih Al Sdeirah land bank near the Abu Dhabi-Dubai border.
The new masterplan, which incorporates Aldar’s existing community of the same name, will contain 14,408 residential units, including villas, townhouses, and maisonettes with a total residential gross floor area (GFA) of more than 1.3 million sq m, Aldar said in a press statement.
Phase 1 of the existing Alghadeer community contains more than 2,000 homes with a GFA of 241,656 sq m, according to information on Aldar’s website.
The masterplan includes a hotel, schools, public gardens, community swimming pools, multi-use sports areas and community centres. Other features include lakes, running and cycle tracks, and camping sites.
Talal Al Dhiyebi, chief executive officer of Aldar Properties, said in the statement that the “scale and 15-year timeframe of the development” underlines Aldar’s confidence in the Abu Dhabi residential market.
Construction of the first neighbourhood of 611 homes is scheduled to commence in 2018 and be completed during 2021, the statement added.
It said the project will tap into the significant growth being experienced in the areas north of Abu Dhabi and the south of Dubai, hosting major projects such as Expo 2020, KIZAD, Dubai World Central as well as Dubai Industrial and Wholesale Cities.
Earlier this month, Aldar awarded a $345 million main construction contract for its Water’s Edge waterfront project on Yas Island to Trojan General Contracting.
Last month, Reuters reported that the Abu Dhabi developer signed a joint venture agreement with Dubai-headquartered Emaar Properties to develop local and international projects worth as much as $8.2 billion.
(Writing by Anoop Menon; Editing by Michael Fahy).
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