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| 18 June, 2017

Aldar's Reem Island projects in Abu Dhabi are well on track

The Bridge is Aldar’s first mid-market development on Reem Island in Abu Dhabi, UAE.

The Bridge is Aldar’s first mid-market development on Reem Island in Abu Dhabi, UAE.

Aldar/ Handout via Thomson Reuters Zawya

Vida will operate a 262-key hotel and 192 serviced apartments

Sunday, Jun 18, 2017

Abu Dhabi: Aldar’s master-planned community on Reem Island is developing at a rapid pace with the 2.4-kilometre Reem Island canal, Reem Central Park, Vida Hotel and Residences and mid-market residential projects Meera and The Bridges, the developer said on Sunday.

Giving an update on various projects, Aldar said the construction for the Vida Hotels and Resorts project is scheduled to start this year for completion in 2020 where as The Bridges targeting mid-market housing will finish in early 2020.

Meera, another of Aldar’s mid-market developments is 16 floors complete, according to the developer.

Vida will operate a 262-key hotel and 192 serviced apartments. These will be accompanied by Aldar’s 329 marina residences within the development, which will add to the 5,000 homes already within its leased residential portfolio.

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The Bridges, which Aldar announced during City Scape Abu Dhabi this year is a 1,272-unit, Dh1.3 billion mid-market residential development with prices ranging from Dh450,000 for a studio to Dh1.5 million for a three bedroom flat.

Reem Central Park which will feature a mosque that can accommodate 2,000 worshippers besides food and beverage outlets, a retail centre, a skate park, play areas, and an interactive water feature is expected to open to the public in 2018,

“In addition to being incredibly attractive for owner-occupiers, Reem Island continues to capture the attention of investor audiences, with well over 60 per cent of the plots in our master plan currently in various stages of design and construction, and the balance earmarked for future development opportunities by us as well as third parties,” said Mohammad Khalifa Al Mubarak, chief executive officer, Aldar Properties.

Staff Report

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