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HomeMiddle EastAldar seals $163m deals at new affordable homes project – Property

Aldar seals $163m deals at new affordable homes project – Property

Aldar Properties on Saturday announced that all homes in the third tower of its The Bridges affordable project has sold out.

Following the strong demand for the first two towers of The Bridges at Cityscape Abu Dhabi, Aldar said the apartments in tower 3 were sold in just four hours, taking the total value of sales across all three towers to AED600 million ($163 million).

Unit prices start at $122,616 at The Bridges on Reem Island which is part of plans to invest $518 million in development of mid-market residential, hospitality and retail projects.

The new project, built on two plots separated by a 2.4-kilometre canal, comprises six 26-storey mid-rise towers, with a total of 1,272 units.

Construction is expected to commence in the fourth quarter of 2017 and will be ready for handover in the first quarter 2020.

Talal Al Dhiyebi, chief development officer, Aldar Properties, said: “Demand for The Bridges has been very encouraging, reflecting customer confidence in the Aldar brand and its developments – and also the resilience of the Abu Dhabi real estate market as new and different types of products are introduced. 

“Aldar has always been committed to developing products that meet the needs of customers. The exceptional demand for The Bridges reinforces the potential of the mid-market segment, and our  commitment to this valuable market.” 

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