Abu Dhabi-based Aldar Properties PJSC is set to further expand its asset management portfolio as part its current investment programme, driving growth of recurring revenue.
The new projects – scheduled to start construction this year and complete during 2019 and 2020 – include a retail park at Yas Island acting as an extension to the Yas Island retail portfolio, which already comprises Yas Mall, IKEA and Ace Hardware. The new retail park will house F&B outlets and new car dealerships.
Next is the four-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, while Shams Marina will be a mixed-use development, comprising 329 marina residences, 192 serviced apartments, 262 key four-star hotel, along with a club house and private beach.
Finally, there will be 600 mid-market residential units on Reem Island. With this project Aldar is looking to capitalise on the untapped potential for high quality mid-market residential property in the heart of Abu Dhabi.
The investment totals AED1.9 billion, following the already invested AED1.1 billion in Al Jimi Mall extension, Daman House acquisition, Al Mamoura and Repton schools.
“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,” says Mohamed Khalifa Al Mubarak, CEO of Aldar Properties.