Abu Dhabi’s leading developer, Aldar Properties announced its acquisition of Al Fahid Island, a 3.4 million sqm island nestled between Yas Island and Saadiyat island, featuring iconic mangroves, over 11 km coastal frontage and 4.6 km of pristine beaches. Accordingly, Aldar’s landbank and near-term development will significantly expand.
Al Fahid Island will be developed and positioned to be a new prime destination with a mix of over 4,000 residential apartments and townhouses, ultra-luxury beach and mangrove villas available to future buyers. The development will also feature a school and retail and hospitality offerings, to create vibrant and integrated communities for its residents, which Aldar is known for.
The island 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, causing Aldar’s development strategy to bolster, bringing diverse products to the market to cater to local, regional and international investors and homeowners’ demand.
On the topic of 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.”
Jonathan Emery, Chief Executive Officer at Aldar Development stated, “Al Fahid Island presents a robust pipeline of development activity for our business. With strong appetite for ultra-luxury products in Abu Dhabi’s premier locations, alongside the growing demand we continue to witness for beachfront properties from both international and local buyers, the acquisition of this island allows us to bring unique properties to the market while also targeting a wide range of customers across the upper market, with touchpoints across the resident, second-home owner, staycation and investor segments.”
Following Aldar’s flagship developments in Yas Island such as Yas Acres, West Yas and Saadiyat Island with Saadiyat Grove, Mamsha Al Saadiyat, Saadiyat Lagoons and Jawaher, amongst others, the company will now bring its expertise to Al Fahid Island where it will establish new proposition for homeowners in the capital.
