Aldar plans major residential development in Abu Dhabi

20 Apr 2010

(MENAFN)The Chief Executive Officer at Aldar Properties PJSC, Abu Dhabi’s biggest property developer, said that the company is planning to build 272 apartments and 75 villas and townhouses in the UAE capital, Bloomberg reported.

The Al Bateen Park development will be built on Khaleej al Arabi Street in Abu Dhabi. About 30,000 homes are needed in the city. The shortage has not prevented prices from falling 33 percent since September 2008.

Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest developer, said on April 18 that it won a homebuilding contract worth $1.5 billion from the emirate’s government.

The CEO declined to give the value of the Al Bateen Park project. However, analysts estimated that it is worth $234 million to $272 million.

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