Aldar Properties has completed the first 2,130 homes at its Alghadeer project close to the Expo 2020 site in Dubai as the developer banks on infrastructure upgrades to help it finally complete the long-awaited master plan.
The company has sold 100 homes at the scheme over the past six weeks for about Dh1,050 per square foot, which was lower than the original 2007 launch price, said the company’s executive director of commercial real estate, Paul Middleton.
Alghadeer was first announced as a 6,000-home, self-contained community by the Abu Dhabi-based developer Sorouh in 2007, but it fell into the Aldar portfolio after the two companies merged last year.
Initially Sorouh planned to build all of the villas, town houses, apartments and facilities in one phase, which was to be completed in 2012.
However, after selling the whole development off-plan when the global financial downturn hit the country’s real estate industry in 2008 and prices in the UAE tumbled, the developer scaled down its plans and consolidated investments from off-plan investors into 1,900 homes in what has become the project’s first phase.
Aldar is marketing the remaining unsold 130 completed homes in the project in the Eastern Region investment zone for either sale or rent, with sales prices ranging from Dh500,000 for a studio apartment to Dh3 million for a four-bedroom villa.
The development is located in the desert in Seih Sdeirah, 45 minutes’ drive from Abu Dhabi city centre and 25 minutes from Dubai.
The project has no shops and the nearest places to eat are fast food outlets in service stations or the distant Ibn Battuta Mall in Dubai.
Mr Middleton added that the scheme would include 13 shops and cafes comprising 40,000 square feet, which would be opening later this year.
“As Dubai pushes out you can see that this will become an increasingly important area,” Mr Middleton said. “You’ve already got Kizad just down the road here, you’ve got Jebel Ali Port and Al Maktoum Airport and right adjacent to here you’ve got the Expo exhibition site. It’s probably the only completed development in this area. It may be a little bit isolated now, but it’s not unlike Arabian Ranches or the Green Community was 10 years ago.”
Mr Middleton said that Aldar planned to see how the current phase of development was leasing before pressing ahead with further development plans in the area
For the moment most of the tenants are likely to be tempted to move the area by the promise of cheap rents, with studio apartments in the development renting for about Dh35,000 a year and four-bedroom villas renting for Dh125,000.
Mr Middleton said that the development was attracting Abu Dhabi government employees who had lived in Dubai and wished to remain close to the city while also complying with the recent decree requiring them to live in Abu Dhabi emirate or risk losing their housing allowances.
lbarnard@thenational.ae
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- Priority access to new homes from participating developers
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Mohammed bin Zayed Majlis
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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Source: Federal Office for the Protection of the Constitution
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
