Aldar Properties (Aldar) has announced its acquisition of Al Fahid Island, a 3.4 million sqm island situated on the Sheikh Khalifa bin Zayed Highway (E12), the main roadway that connects Abu Dhabi’s lifestyle destinations, Yas Island and Saadiyat Island.
Through the deal, Aldar will significantly expand its landbank and near-term development pipeline, with the introduction of a unique waterfront offering that features Abu Dhabi’s iconic mangroves and 4.6 km of pristine beaches. With optimum coastal frontage of over 11 km, a large number of the 4,000 homes planned for Al Fahid Island will benefit from prime sea views. Once launched, a mix of units ranging from apartments and townhouses to ultra-luxury beach and mangrove villas will be available to buyers.
Further plans include a wide array of community facilities, a school, and retail and hospitality offerings, allowing Aldar to build on its proven ability and success in creating vibrant and integrated communities whilst also activating numerous verticals and segments across its diversified portfolio to drive further revenue generation and platform growth.
The land is valued at AED 2.5 billion and the acquisition consideration will be paid over 5 years. Al Fahid Island’s gross development value (GDV) is AED 26 billion and the transaction further bolsters Aldar’s development strategy, which sees the company bringing diverse products to the market that cater to the demand of local, regional, and international investors and homeowners.
Commenting on the acquisition, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, 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. By activating multiple verticals of the group’s portfolio, we will bring the best of Aldar to what will be one of Abu Dhabi’s most exclusive and desirable locations.”
The development will have a strong focus on preserving nature and habitats on the island as well as sustainable design and construction. The first phases will be launched to customers towards the end of 2023.