Abu Dhabi Securities Exchange-listed real estate developer Aldar Properties has launched the Alreeman 2 masterplanned residential community, worth $462.8m (AED1.7bn), in Abu Dhabi’s Alshamkha neighbourhood, dedicated to Emirati buyers.
Construction work on the project will commence in end-2019, and handover will start at the end of 2021.
The launch of Alreeman 2 comes months after Aldar unveiled Alreeman (pictured) in January 2019. Since its launch, Alreeman has generated $435.6m in sales, state-held news agency, Wam, reported.
Spanning 240ha, Alreeman 2 will feature 1,690 villa plots ranging from 500m2 to 1,000m2.
Other facilities, such as a school, retail outlets, parks, mosques, and running and cycling tracks will also be developed.Aldar will open sales for Phase 1 of Alreeman 2's land plots on 22 June, with prices starting from $187,859 (AED690,000).
Chief executive office of Aldar, Talal Al Dhiyebi, said: "Alreeman 2 builds on the incredible success of Alreeman, launched earlier this year and this expansion is a clear response to high demand among UAE nationals to create communities in the Alshamkha area.”
Q1 2019 net profits at Aldar declined by 26% to $134m (AED492.5m), down from Q1 2018's $182m (AED668.5m).
The developer attributed the fall in profits, which came despite a 20% revenue hike during Q1 2019, to "legacy [and] other income events".