Aldar ‘affordable housing’ project entices mid-market earners

Aldar Properties is attempting to build what it calls “affordable housing” on Reem Island as part of its plans to build 7,500 homes in Abu Dhabi over the next four years.

The capital’s largest listed developer said yesterday that it was marketing 400 off-plan flats in the Shams area of Reem Island to Abu Dhabi residents on a salary of between Dh20,000 and Dh30,000 a month.

One-bedroom apartments are being offered to the market at Dh899,000 at Aldar’s new Al Meera project in an attempt to attract mid-market earning expatriates to invest in its schemes.

Two-bedroom apartments would be marketed for Dh1.1 million and three-bedroom apartments for Dh1.5m.

Talal Al Dhiyebi, Aldar’s chief development officer, said the prices were 30 to 40 per cent lower than current market value.

“We have targeted these apartments at the sort of person who can typically only afford to buy a studio or a one-bedroom apartment,” he said. “But they need a larger apartment for their families. These are people working in the oil and gas sector, teachers and nurses.”

The development is one of three new projects launched by Aldar on Monday, which also included 1,000 villas available only to UAE nationals at West Yas and 700 homes, including studios, one, two, three and four-bedroom apartments, as well as town houses, villas and penthouses at Aldar’s Mayan project on Yas Island.

Aldar’s project launch was one of a few to take place on the first day of Cityscape Abu Dhabi as property developers shied away from building new stock at a time when a slump in oil prices has put a dampener on the emirate’s economic outlook.

According to figures released yesterday by JLL, house prices in Abu Dhabi have remained at the same levels since the final quarter of 2014 and are expected to remain stable this year.

At the same time Aldar also announced that it planned to open a 31,000 square metre mall at Al Falah close to Masdar and Abu Dhabi airport. The mall is scheduled to open in 2017.

The developer also said that it planned to expand its existing Al Jimi Mall in Al Ain, bringing its total leasable area to 75,000 sq metres.

Follow The National’s Business section on Twitter


Share This Post