Aldar Properties, the Abu Dhabi real estate developer, is building a new waterfront residential project in the emirate as part of its recently adopted strategy to offer land plots for sale. The ‘Lea’ scheme is on the northern coast of Yas Island, where Abu Dhabi’s Formula One racetrack, the Yas Marina, theme parks and several neighbourhoods including the adjoining Yas Acres development are located. The project offers 238 residential land plots for sale ranging in size from 405 square metres to 1,800 sqm, with prices starting from Dh999,000, Aldar said in a statement. Sales will commence at the annual Cityscape property exhibition in Abu Dhabi next week. “Combining the opportunity to acquire land with all of the attractions and amenities of Yas Island is a hugely compelling proposition that no-one else can offer,” Aldar chief executive Talal Al Dhiyebi said in a company statement. The construction of Lea follows the success of Aldar’s first land plot sales project Alreeman, a 2.8 million square-metre development in Abu Dhabi’s Al Shamkha district featuring residential and commercial land plots with prices starting at Dh690,000 for villas and Dh4.69m for commercial areas. In January the project sold out within days generating sales of Dh1.6 billion, according to the developer. It highlights “significant demand for well-priced land on which to build a bespoke home”, Aldar said this week. Mr Al Dhiyebi told <em>The National </em>in January the company would launch two further schemes – one of them ahead of Cityscape – to tap into demand for land plots, as real estate market sentiment buoys on government economic stimuli in Abu Dhabi. “We know there is pent up demand for this type of product, and the runaway success of Alreeman supports that,” the chief executive said in his statement. Aldar is luring prospective buyers with the offer of a 5 per cent down-payment and favourable ongoing payment plan.
