Aldar to Soon Start Construction of its Yas and Reem Projects

Aldar Properties, an Abu Dhabi-based real estate developer, is most likely to invest about Dh1.9 billion to commence four new projects on Reem and Yas island. The plan is to set up a four-star hotel and retail park on Yas Island and 600 mid-market homes in its Shams neighbourhood and a four-star hotel on Reem Island.

The Yas Mall hotel, which will be built on Yas Island, will have 279 rooms and 70 services apartments. The hotel will be attached to the shopping centre. The developer will also build a car-theme retail park which will be located next to Ikea and Ace Hardware big box stores. Spanned over 27,000 sq. mt. of space, it will have new car dealerships and food and beverage outlets.

On Reem Island, Aldar has planned to develop 329 apartments, 192 serviced apartments and a 262-room four-star hotel under Shams Marina project. The construction on all four projects will begin by this year and scheduled to complete by 2019 for Yas Island and by 2020 for Reem Island.

“The investments we are making meet our twin objectives of providing the market with the right products at the right time, while increasing our ability to grow long-term recurring revenues,” says Mohamed Al Mubarak, Chief Executive, Aldar Properties. “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.”

Source: TheNational


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