New hotels, residences and shopping malls planned for Yas Island and Reem Island in Abu Dhabi
Aldar Properties has announced it is planning to launch four new developments on Yas Island and Reem Islands in Abu Dhabi in the United Arab Emirates. The company is looking to invest Dh1.9 billion into a 279-room four-star hotel with 70 serviced apartments and a retail park on Yas Island, a four-star hotel and 600 mid-market residences in the Shams district on Reem Island.
Aldar Properties has revealed that is planning to build four new developments in Abu Dhabi with an investment of Dh1.9 billion. The property developer is has plans for new projects on Yas Island and Reem Island.
The projects include a four-star hotel with 279 guest rooms and 70 serviced apartments and an adjoining retail complex on Yas Island. On Reem Island, Aldar Properties will construct a 262-room four-star hotel, 329 apartments, and 192 serviced apartments at its Shams Marina project.
Mohammed Al Mubarak, the Chief Executive of Aldar Properties, stated:
"The investments we are making meet our twin objectives of providing the market with the right products at the right time, while 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."
On Yas Island, the 27,000-square-metre retail park will be car-themed, and it will feature car dealerships, restaurants and cafes. Development of each of the projects will start this year, and is expected to be completed in 2019 and 2020.
Aldar Properties is the largest property developer in Abu Dhabi. The group’s portfolio in the emirate includes the 235,000 square-metre Yas Mall, nine hotels, nearly 5,000 homes and more than 200,000 square metres of office space. Last year, Aldar announced that it would be investing Dh1.1bn on the development of a new Al Mamoura school in Abu Dhabi, a 33,000 square-metre extension to the Al Jimi Mall in Al Ain, and the purchase of the 23,000-sq-metre Daman House office building in Capital Centre Abu Dhabi.
Yas Island is a manmade island, located 30 minutes from mainland Abu Dhabi. It has has become one of the world’s leading entertainment destinations and is home to an array of family-friendly attractions. These include the Yas Marina Circuit; the five-star Yas Viceroy Abu Dhabi, that straddles the racing track; Ferrari World Abu Dhabi; Yas Marina; Yas Waterworld with 43 rides, slides and water attractions; the award-winning Yas Links Abu Dhabi golf course; and the Yas Mall with international fashion and lifestyle brands.
Reem Island is a natural island situated just 600 metres off the north coast of mainland Abu Dhabi. It is a mixed-purpose community that is home to both residential and commercial units, a school, and it will soon have the new hotel.
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