Aldar plans to launch a major development of villas and townhouses in Dubai by the end of this year as part of the company’s expansion across the UAE.
The new project, whose value is not disclosed, will be built near Dubai Internet City, Aldar Development's chief executive Jonathan Emery told The National in an interview in London.
It will be the fourth project in Dubai for Aldar, Abu Dhabi’s biggest listed developer, following the launches of the Haven, Athlon and The Wilds.
“It’s another partnership with Dubai Holding, and it's a very large villa community [with] townhouses and also sits above the Blue Line extension,” Mr Emery said.
In February, Aldar and Dubai Holding expanded their joint venture announced in 2023 by adding two plots in Dubai to deliver almost 14,000 new homes with a combined gross development value of more than Dh38 billion.
The first plot of four million square metres, is along Dubai’s eastern growth corridor opposite Nad Al Sheba. The second plot, on Palm Jebel Ali, will be an ultra-luxury waterfront development of branded and non-branded residences.
The new developments are coming even as buyers become cautious due to regional uncertainty driven by the Iran war. Transaction volumes and values fell in the third quarter.
Dubai recorded home sales worth a total of Dh72.6 billion ($19.7 billion) in the three months to the end of September, down 47 per cent compared to the same period last year, while the number of transactions dropped 38 per cent to 34,000, according to the latest report from Cavendish Maxwell.
“The customers are still there for the right product. Now, clearly, the international side of the market is the one that's just slowed a little bit. There’s uncertainty and people are taking their time to have a look. But we still believe in the fundamentals … the products that we have brought to the market have all done really well,” Mr Emery said.
Aldar, which recorded strong second-quarter financial results, will hand over more than 3,000 units this year, representing the largest volume since the company's launch. The deliveries will go up to 4,500 next year, he said.
Among the projects that are expected to be delivered this year are the Sustainable City on Yas Island, and the Grove and Louvre Abu Dhabi residences on Saadiyat Island.
The Abu Dhabi-listed company will also hand over its first homes in Dubai next year, at its Haven project near Dubailand.
New partnerships
In September, Aldar and Sharjah-based Arada announced a partnership to build housing projects on Yas Island and at Seih Sdeirah in Abu Dhabi, with a combined value of about Dh15 billion.
The partnership involves a master plan joint venture to create a large-scale mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border and Arada’s acquisition of three residential plots on Yas Island.
Aldar will continue to look for new partnerships with established developers, Mr Emery said.
“Partnerships is a way that we believe we can diversify the customer offer, because you know if we pick the right partner that has a great proposition, maybe they have a great following with their customers … then it’s good to be able to introduce that to our customers as well,” he said.