Aldar to launch major Dubai villa and townhouse project by end of year

Aldar, the largest listed developer in Abu Dhabi, is set to unveil a significant villa and townhouse development in Dubai by year-end. The undisclosed value project will be situated near Dubai Internet City, marking the fourth venture of its kind for the company in the city, following the successful launches of Haven, Athlon, and The Wilds.

CEO Jonathan Emery revealed that this development is a collaborative effort with Dubai Holding, further expanding their joint venture from earlier this year. The new project, comprising both villas and townhouses, will also be built atop the Blue Line extension.

In February, Aldar and Dubai Holding bolstered their partnership by adding two additional plots in Dubai, which will contribute to the construction of nearly 14,000 new homes, boasting a combined gross development value of over Dh38 billion. The first plot, spanning four million square meters, is located along Dubai’s eastern growth corridor, while the second plot on Palm Jebel Ali will feature an ultra-luxury waterfront development.

Despite cautious market conditions due to regional tensions stemming from the Iran war, Aldar remains optimistic about the future. The company's transaction volumes and values experienced a decline in the third quarter, with home sales reaching Dh72.6 billion ($19.7 billion) in the three months ending September, a 47% decrease compared to the same period last year. However, the number of transactions dropped by 38% to 34,000, according to Cavendish Maxwell's latest report.

Emery emphasized that despite the slowdown in the international market, Aldar remains confident in the fundamentals of their offerings. The company anticipates delivering more than 3,000 units this year and a projected 4,500 units next year, showcasing the largest volume of deliveries since their inception.

Among the projects slated for completion this year are the Sustainable City on Yas Island and the Grove and Louvre Abu Dhabi residences on Saadiyat Island. Additionally, Aldar will unveil its first homes in Dubai next year at its Haven project near Dubailand, marking a significant milestone in their expansion across the UAE.