Abu Dhabi’s Aldar launches Dhs1.7bn residential project for UAE nationals

Abu Dhabi developer Aldar Properties launched Alreeman II, a Dhs1.7bn residential project in the Alshamkha area, available exclusively for purchase by UAE nationals.

Spread across an area of 2.4 million square metres, the development features 1,690 villa plots, which range between 500 to 1,000 square metres in size. Owners can build homes to their exact specifications and taste, a statement said.

Amenities include a school, retail offerings, parks, mosques, and running and cycling tracks.

Alreeman II’s masterplan has been grouped into clusters – each with their own parks and amenities.

Sales of the first phase of the land plots will begin on June 22, with prices starting from Dhs690,000 per plot.

Construction will start at the end of 2019, with the first handovers slated to begin from the end of 2021.

Alreeman II follows the launch of its Dhs2bn Alreeman project in January 2019, which generated Dhs1.6bn in sales.

Read: Abu Dhabi’s Aldar says buyers ‘queued up overnight’ to invest in its new Dhs2bn project

Talal Al Dhiyebi, CEO, Aldar, 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.”

Last month, Aldar’s chief financial officer stated that the developer plans to spend Dhs2.75bn ($749m) in 2019, mainly for residential and some commercial projects.

The company has spent approximately Dhs550m in the first quarter, Greg Fewer said on a media call.

Aldar reported a 17.3 per cent drop in first-quarter profit to reach Dhs553m, while sales equalled Dhs1bn in the first three months.

Read: Abu Dhabi’s Aldar Properties posts 17.3% drop in Q1 profit

It expects full-year sales of Dhs4bn, with first-quarter actual sales totalling Dhs1bn.