Dubai: Investors looking to buy property in Abu Dhabi, with finances of at least Dh3.5 million, can do so at the emirate’s newest residential destination, Fahid Island.
Because a one-bedroom unit in the Aldar-backed Dh40 billion plus building starts at Dh3.5 million. Sure, that puts it in the premium price range, but the location is ideal, and you are constantly close to the water’s edge. Aldar, an Abu Dhabi master developer, aims to establish a full-scale waterside ‘wellness destination’.
The initial releases will be called ‘Fahid Beach Residences,’ which will consist of seven structures and approximately 450 flats. “Right now, we have started to tease the market with the launch info, and will start formal sales after Eid,” said Jonathan Emery, CEO of Aldar development. “We will be bringing forward different phases at a steady rate throughout the rest of the year.”
Which is ideal for investors. Abu Dhabi and Aldar have mastered the art of building island attractions such as Yas and Saadiyat, which account for a large portion of the emirate’s residential sales.
The Abu Dhabi real estate market is booming, especially since the announcement of the planned Disneyland theme park.
More than 6,000 residences will be built on Fahid Island – “The first phase of development will be just over 3 years,” said Emery. “2029 will be the first opportunity for buyers to get their keys for the first phases. And then in a further three, four years, we will finish the island.”
Potential investors have already been sounded out about Fahid Island and what it brings. Estate agents say there is a ‘keen buzz’ surrounding the first launches. “The pricing seems similar to where Yas Island one-bedroom units are at the moment,” said a broker. “Investor following for Aldar’s islands are massive – Fahid Island will bring more to the table.”
Apart from the homes, the new Abu Dhabi island will have all the trappings of a complete mixed-use offering. “Initially, we are thinking of two hospitality products, with the first being a 5-star beach resort,” said emery. “We will continue to work with global hotel brands rather than manage our own properties.
“As for the school, we will announce the details after Eid. What I can says is that this will be a academically high-performing international school to be one of the anchors on the island.”
