Aldar Properties, a real estate development, management and investment company based in Abu Dhabi, UAE, has announced the launch of an AED2bn ($545m) mixed-use development, Alreeman, in Al Shamkha, Abu Dhabi.
The mid-market development has investment zone status and is located in close proximity to the Abu Dhabi International Airport and key arterial highways.
It offers residential and commercial land plots for purchase by all nationalities.
Alreeman is spread over an area of 2.8m m² with convenient transportation links.
The land plots include a series of residential clusters featuring single and multi-residential villas and apartments, complemented by retail space, F&B, mosques, sports, education and commercial facilities.
Sales for the land plots will commence on 19 January 2019 at Aldar’s sales centre on Yas Island, with prices starting from AED690,000 ($187,849) for villa plots and AED4.69m ($1.28m) for commercial plots.
A major feature of Alreeman is the ability of the purchasers to design their villa or apartment building according to their specifications within the approved GFA limits.
Aldar CEO Talal Al Dhiyebi said: “The launch of Alreeman builds on Aldar’s successful development strategy and further expands our focus in to new areas of Abu Dhabi.
“Catering to the mid-income segment, this development responds to market demand to live in a desirable community with a wide range of facilities while also appealing to investors looking to construct apartment buildings or villas to generate recurring income.”
The development is located near some of Abu Dhabi’s major infrastructure projects and lifestyle destinations, including Yas Island, Zayed City, New Al Falah, Masdar City, Mohammed Bin Zayed City and Abu Dhabi Airport Free Zone.
Aldar commercial executive director Maan Al Awlaqi said: “On the back of our successful mid market developments – the Bridges, Waters Edge and Alghadeer, we are witnessing significant pent up demand for mid market land plots.
“Offering smaller, more efficient sizes in a desirable up & coming location, with ready infrastructure, and places of interest in the vicinity – Alreeman represents compelling value.
“Its location, expected appeal with investors as well as end users makes Alreeman a fantastic opportunity for purchasers of all nationalities.”
Alreeman will also include a network of walkable gardens, high-quality parks, open spaces interwoven with greenery and cycle tracks that facilitate public life and social interaction.
Construction is expected to commence in 2019 and infrastructure-enabled land is targeted for handover to customers in 2021.
Image: Mixed-use development Alreeman in Al Shamkha, Abu Dhabi. Photo: Courtesy of Aldar.