Leading UAE developer Aldar Properties has announced that it has acquired 6.2 million sq m of prime land located on the east side of Saadiyat Island valued at AED3.68 billion ($1.01 billion).
The plot has been earmarked for a mixed-use project. The proposed development, which will boost Saadiyat Island’s position as a fully developed residential, cultural, and leisure destination, will be home to over 15,000 people. The integrated community will include 2,700 units, most of which are villas, with an estimated gross development value of AED15 billion.Source: http://www.tradearabia.com/news/CONS_395031.html & https://www.thenationalnews.com/business/property/2022/04/04/aldar-acquires-land-on-saadiyat-island-to-develop-4bn-mega-project/The acquisition consideration will be paid in kind as the development progresses, with construction scheduled to begin in the second half of 2022 over a four-year development period.