Aldar returns to Cityscape Global with $653m waterfront project

Aldar returns to Cityscape Global with $653m waterfront project
Aldar has signed an escrow agreement with Union National Bank for Water's Edge.
Published: 13 September 2017 - 1:30 a.m.
By: Fatima De La Cerna

After a five-year absence from Cityscape Global, Aldar Properties has returned to the Middle East's largest property exhibition to showcase Water's Edge, a new waterfront development on Yas Island.

The Abu Dhabi-based developer announced the launch of Water’s Edge, a mid-market residential project valued at $653.4m (AED2.4bn), on 4 September, only a few days before Cityscape Global 2017 opened.

Commenting on the company's participation in this year's event, Talal Al Dhiyebi, Aldar's chief development officer, said: "We participate in Cityscape Abu Dhabi every year, but after five years of not participating in Cityscape Dubai, we decided we wanted to come in with a flagship development, showcasing what the Aldar brand is about. And so we decided to bring Water’s Edge."

Judging by the reaction that the property has been receiving at the property event, the company made the right decision, he noted, saying: "We're seeing unprecedented demand – higher than we expected, so we are very optimistic about the project.

"We’ll definitely be launching more products within the mid-market segment."

Read: UAE’s Aldar launches $653m waterfront development on Yas Island

Talking about the location of the development, he told Construction Week: "Yas, as a destination, is definitely now coming together in the right way. With twofour54, we now have an office component, as well as an entertainment component in the form of theme parks. The hospitality component is there, and we have parks and walkways. And on the residential side, we have everything from premium apartments to villas and townhouses, starting from $545,000 (AED2m), and now we have this affordable segment of apartments as well.

"Very few destinations can claim all of that under one roof," Al Dhiyebi added.

The Aldar chief also revealed that most of the interest in the property has been from UAE nationals, as well as Arab and Western expats.

"We are definitely seeing a lot of demand from local investors. But we've also had a lot of interest from end-users and occupiers, both Arab and Western expats," he said. "And that’s why we tell people who tell us that the market is dead that we see it otherwise."

Read: Construction Week visits the project site of Aldar's Meera development

The event also saw the developer sign an agreement with Union National Bank to provide escrow account services for Water’s Edge buyers. 

Remarking on the agreement, Al Dhiyebi, said: “Aldar Properties was the first company to be granted a master developer license under the Abu Dhabi Real Estate Law, and this agreement marks our third escrow account project.

"This demonstrates our continued commitment to compliance with the real estate law, and to providing our customers with the greatest possible transparency.”

The 16th edition of Cityscape Global is scheduled to conclude its three-day run today.

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