Aldar Properties to invest AED1.9 billion in recurring revenue assets on Yas and Reem Islands
Aldar Properties PJSC , Abu Dhabi’s leading listed property development, investment and management company, announced further details of its current investment programme. This programme will expand Aldar’s asset management portfolio, driving growth of recurring revenue.
The investments announced comprise mid-market residential, hospitality & leisure, and retail assets on Yas Island and Reem Island. They amount to a total of AED 1.9 billion and follow the AED 1.1 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.
Details of investment programme:
1. 600 mid-market residential units, Reem Island
As recently stated, Aldar will look to 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.
2. Shams Marina, Reem Island
Shams Marina, a mixed-use development, will comprise 329 marina residences, 192 serviced apartments, 262 key 4 Star Hotel, including a club house and private beach.
3. Yas Mall Hotel, Yas Island
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.
4. Retail park, Yas Island
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 metres, is to be dedicated to the consumer segment of the automotive market. It will contain new car dealerships and F&B outlets.
Commenting on the investment, H.E. 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, whilst 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.”