Today's Edition
SAEED AL HAJJAR (ABU DHABI)
To meet the growing demand for property in Abu Dhabi, real estate companies have announced 27 projects in 2023, including 12 by Aldar Properties, Q Holding and Nine Yards, providing approximately 5,200 housing units.
The projects also include others offering accommodations for employees, hotel apartments, smart cities, and a variety of residential, commercial, and office spaces.
The projects in Abu Dhabi in 2023 also include three for citizens’ housing, providing 3,500 villas. These were launched in collaboration between the Abu Dhabi Housing Authority and both Aldar Properties and Q Holding.
In remarks to Aletihad, officials and sector representatives said that the rising demand for property in Abu Dhabi encourages companies to introduce more new projects.
They said that the diversity of projects meets the requirements of various investor and buyer segments.
Indicators from the Dari platform, affiliated with the Department of Municipalities and Transport in Abu Dhabi, have shown the registration of 38 projects since the beginning of 2023, including ready projects, those under construction, and new phases in existing projects.
AldarAldar has announced nine new real estate projects since the beginning of 2023, providing about 3,600 housing units in Abu Dhabi, Dubai, and Ras Al Khaimah.
During the second half of the year, Jenan was launched in Dubai, where 786 villas and townhouses were sold.
Meanwhile, Nikki Beach Residences in Ras Al Khaimah saw the sale of 420 units, and Nobu Residences in Saadiyat Walk witnessed the sale of 88 residential units.
Additionally, the Gardenia Bay project on Yas Island offered 210 residential units during its first phase.
In the first half of 2023, Aldar launched five new projects, including Sustainable City - Yas Island, with 864 apartments and townhouses; Lighthouse Living, offering 237 homes near Saadiyat Lighthouse; Reeman Living within the Reeman complex in Shakhbout City, providing 630 units in the first phase of a total of 1,050 units; The Source 1 in Saadiyat Grove with 204 units; and The Source 2, which will feature 148 residential units.
Rashed Al Omaira, the Chief Commercial Officer at Aldar Development, affirmed the company’s commitment to continue introducing more diverse projects to meet the requirements of various investor segments.
Q Holding
In February last year, Al Qudra Real Estate, a subsidiary of Q Holding, launched a new phase of the Reem Hills project on Reem Island in Abu Dhabi, comprising 593 residential units, which were sold out immediately upon release.
In May, the second phase of the project, consisting of 300 residential units within Reem Hills, was launched, providing approximately 2,238 residential units at a cost of Dh8 billion. Last September, Al Qudra Real Estate announced the launch of the final phase of its luxury apartments within the Reem Hills complex, indicating that the third phase of its luxurious apartments in the Reem Hills complex had been sold out completely in less than four hours.
In March OF last year, Q Holding signed a partnership agreement with the Aura Real Estate Development group. The latter is responsible for developing an integrated city in the Ghantoot area between Abu Dhabi and Dubai, covering an area of up to 20 million square metres, with an investment volume of $10 billion.
In June of last year, Emirates Stallions Group announced the joint project Century Village, a housing project worth Dh320 million on Reem Island in Abu Dhabi, in collaboration with Q Holding.
David Harman, the Head of Development at Q Holding, mentioned a high demand for the Reem Hills project, which reflects the strong activity in the real estate market in Abu Dhabi. He expected the momentum in demand in the market to continue throughout 2024.
Bloom Holding
In May of last year, Bloom Holding announced the launch of Casares, the third phase of the Bloom Living project in Abu Dhabi, offering more than 4,500 diverse residential units.
At the end of October last year, Bloom Holding launched the luxury apartment project Granada within Bloom Living.
In mid-2023, Bloom Holding revealed the launch of Bloom Argan by Rotana, located within the Park View project on Saadiyat Island.
Carlos Wakim, the CEO of Bloom Holding, pointed out that Bloom continues to introduce more projects that meet market requirements, adding that Abu Dhabi’s real estate market is witnessing growth and demand, whether from local buyers or foreign investors.
Global Brand
Nine Yards Plus Holding, the real estate arm of IHC International Holding Group, recently announced an exclusive partnership for a residential project with Jacob & Co, the famous American brand in watch and jewellery design. It will be the first residential project bearing the Jacob & Co brand in Abu Dhabi.
Additionally, Nine Yards revealed in March of 2023 the expansion of its strategic land portfolio with the acquisition of Al Fahid Island, covering an area of 3.4 million square metres in Abu Dhabi.
In August 2023, ADQ and IHC Capital, a global holding company, presented an offer to Q Holding to merge ADQ’s 100% stake in the Abu Dhabi National Exhibitions Company (ADNEC), in addition to the majority ownership share in the Modon real estate company and the complete rights of IHC Capital in Modon, with the aim of establishing a leading regional company in real estate, hospitality, events, supply, and urban development projects. The total assets of the merged group are expected to reach around Dh44 billion ($12 billion).
In early 2023, Aldar Development announced the expansion of its strategic inventory of lands with the acquisition of Al Fahid Island.
In June of last year, IHC International Holding Group acquired the Lamar Real Estate project, consisting of 435 residential units, on the Reem Island shoreline.
Yas Holding launched its specialised real estate development arm, Tarf, at the beginning of 2023, to establish new standards for luxury projects for residents and investors.
Citizens’ Housing
Aldar, in partnership with the Abu Dhabi Housing Authority, oversees the development of the comprehensive Balghaiylam residential project, launched in July last year. The project, located northeast of Yas Island, is valued at Dh8 billion, and will provide about 1,743 residential villas.
In addition, Q Holding signed agreements in May of last year with Trojan General Contracting to design and build 1,742 villas for citizens in the areas of Al Samha and West Bani Yas in Abu Dhabi on behalf of Q Holding.
This followed a partnership agreement between Q Holding and the Abu Dhabi Housing Authority, with a cost exceeding Dh7 billion. The Bani Yas West residential project includes the construction of 1,500 residential villas, while Al Samha project consists of 242 residential villas.
