Aldar to further develop Yas, Reem

21/03/2017 05:26 AST

Aldar Properties PJSC, Abu Dhabi>s leading listed property development, investment and management company, announced Monday further details of its current investment program. This program will expand Aldar's asset management portfolio, driving growth of recurring revenue.

The investments announced today comprise mid-market residential, hospitality & leisure, and retail assets on Yas Island and Reem Island. They amount to a total of AED1.9 billion and follow the AED1.1 billion already invested in the Daman House acquisition, Al Jimi Mall extension, Al Mamoura school and Repton school.

All projects announced are scheduled to start construction this year and complete during 2019 and 2020. Aldar will 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 will comprise 329 marina residences, 192 serviced apartments, 262 key 4 Star Hotel, a club house and private beach.

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.

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 meters, is to be dedicated to the consumer segment of the automotive market. It will contain new car dealerships and F&B outlets.

Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: "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. 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."

Saudi Gazette