Thursday, July 23, 2009

Aldar inks deal to build 5000 villas in Abu Dhabi

Aldar Properties has entered into contracts with three regional contractors to construct 5000 villas in Abu Dhabi, it has been revealed.

Aldar, the largest real estate developer in the emirate, signed contracts with Al Jaber Building of Abu Dhabi, Pembinaan of Malaysia and El Seif Engineering Contracting of Saudi, to construct homes at Al Falah, it said.

The Chairman of Aldar Properties, Ahmed Ali Al Sayegh, said that Aldar has been living up to its mission by increasing housing availability for UAE families, by building sustainable communities that cater to the growth needs of Abu Dhabi, and this is an important step in the development of Al Falah project.

Al Falah, launched early this year during Cityscape Abu Dhabi exhibition, is a master-planned community for UAE nationals, and forms a part of the Plan Abu Dhabi 2030 initiative. Located along the east of Abu Dhabi International Airport and Abu Dhabi-Dubai highway, Al-Falah comprises five villages, a village center, mosques and schools.

The project will be completed towards third quarter of 2013.

The real estate sector in the UAE has weakened dramatically, owing to global financial crisis. But, Abu Dhabi, home to most of the oil wealth within the country, has fared better than its neighboring Dubai. The residential prices in the capital are likely to fall 25 percent on average for the whole year, revealed a Reuters poll last month.

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