Aldar Properties, a leading property developer in Abu Dhabi, has announced plans to invest Dh1.9 billion ($517 million) in recurring revenue assets on its Yas and Reem Island projects in the UAE capital.
Unveiling its current investment programme, Aldar said this comes following the recent Dh1.1 billion investment in the Daman House acquisition and for Al Jimi Mall extension, Al Mamoura school and Repton school.
The new programme is aimed at expanding Aldar’s asset management portfolio and driving growth of recurring revenue.
The investments announced today (March 20) comprises mid-market residential, hospitality and leisure, and retail assets on Yas Island and Reem Island, statede the developer.
All projects announced are scheduled to start construction this year and complete during 2019 and 2020.
Details of investment programme:
*600 mid-market residential units, Reem Island
As recently stated, Aldar will look to capitalize on the untapped potential for high quality mid-market residential property in the heart of Abu Dhabi. Aldar will develop approximately 600 units for inclusion in its residential portfolio on Reem Island.
*Shams Marina, Reem Island
Shams Marina, a mixed-use development, will comprise 329 marina residences, 192 serviced apartments, 262 key 4 Star Hotel, including a club house and private beach.
*Yas Mall Hotel, Yas Island
The 4 Star Yas Mall hotel, attached to the mall, aimed at the family segment of the market. The hotel will have 349 keys, of which 70 will be serviced apartments.
*Retail park, Yas Island
An extension to Yas Island retail portfolio which already includes Yas Mall, IKEA and Ace Hardware and comprising a leasable area of 27,000 square metres, is to be dedicated to the consumer segment of the automotive market. It will contain new car dealerships and F&B outlets.
Commenting on the investment, CEO Mohamed Khalifa Al Mubarak, said: "The investments we are making meet our twin objectives of providing the market with the right products at the right time, whilst increasing our ability to grow long term recurring revenues."
"We believe that the underlying fundamentals of Abu Dhabi’s economy provide a strong and supportive investment climate, thereby providing us with a solid platform for continued growth," he added.-TradeArabia News Service