UAE’s Aldar launches $2.7 bln mega project

Aldar Properties, Abu Dhabi's largest listed developer, on Monday announced the launch of a new AED 10 billion ($2.7 billion) Al Ghadeer masterplan, located on the border of Abu Dhabi and Dubai.

The new masterplan, which encompasses the developer's existing scheme with the same name, will consist of 14,408 units, including villas, townhouses, and maisonettes.

Total residential area will exceed 1.3 million square metres and include office space, retail space, hospitality, education and community amenities, the developer said in a statement.

The sale of the first neighbourhood with 611 homes will begin at the three-day Cityscape Abu Dhabi expo, which begins on Tuesday.

Construction of the first neighbourhood will start this year, with completion expected in 2021.

The scale and 15-year timeframe of the development underlines Aldar’s confidence in the Abu Dhabi residential market, said Talal Al Dhiyebi, chief executive officer, Aldar Properties.