Mohamed Al Mubarak, centre, with other Aldar executives, launcheed The Bridges development on Reem Island. (Image Credit: Antonie Robertson / The National)

Aldar maintains its aim at Abu Dhabi mid-market property

Aldar Properties will continue its focus on the price-conscious Abu Dhabi investor with the launch at a property exhibition in the capital today of its second mid-market off-plan housing project.

Abu Dhabi’s largest listed developer said yesterday that it plans to build 1,272 homes on Reem Island with prices for studio apartments starting at Dh450,000.

At 2015’s Cityscape Abu Dhabi event, Aldar launched Shams Meera, its first mid-market project, with prices starting at Dh900,000 for a one-bedroom flat. Construction work started in 2016.
Aldar said that the new Dh1.3 billion The Bridges project, close to Repton School Abu Dhabi in the Shams district of Reem Island, would comprise six towers, three of which the developer plans to retain as part of its leasing portfolio.

The news comes as brokers published more bearish data on the Abu Dhabi property market. Asteco said yesterday that apartment sale prices for completed properties fell by an average of 2 per cent in the first three months of the year and 4 per cent compared with a year earlier. Earlier, JLL and dubizzle put the decline at 5 per cent...Read more...