Aldar Properties to develop $7bn waterfront community on Al Fahid Island in Abu Dhabi
Aldar Properties, a UAE-based real estate developer, has acquired Al Fahid Island for AED 2.5 billion ($680 million), expanding the company’s land bank and near-term development pipeline in Abu Dhabi.
The 3.4 million sqm Al Fahid Island is situated on the Sheikh Khalifa bin Zayed Highway (E12), which connects Abu Dhabi’s Yas Island and Saadiyat Island.
Al Fahid Island features mangroves and 4.6km of pristine beaches as well as more than 11km of waterfront.
Aldar Properties anticipates to build more than 4,000 residential ranging from apartments and townhouses to ultra-luxury beach and mangrove villas on the Island.
The development will also include community offerings, a school, and retail and hospitality facilities.
Talal Al Dhiyebi — Aldar Properties Group CEO said: “This latest land acquisition is a particularly significant one for Aldar as we continue to develop Abu Dhabi’s most strategically located and desirable destinations.
“Solidifying our dominant presence on the Yas-Saadiyat corridor, the acquisition of Al Fahid Island further strengthens Aldar’s ability to deliver sustainable value to Abu Dhabi, its communities, and our shareholders over the medium and long term.”
The acquisition consideration will be paid over five years while the Al Fahid Island’s gross development value (GDV) is put at AED 26 billion ($7 billion).
Jonathan Emery — Aldar Development CEO said: “Al Fahid Island presents a robust pipeline of development activity for our business.
“… the acquisition of this island allows us to bring unique properties to the market while also targeting a wide range of customers across the upper market, with touchpoints across the resident, second-home owner, staycation and investor segments.”
Aldar Properties anticipates to launch the first phases of the Al Fahid Island waterfront project for the customers by the end of 2023.