Aldar unveils master plan of $11bln Fahid Island in Abu Dhabi
ADX-listed Aldar Properties has launched the master plan for Fahid Island, with a upward revised gross development value of more than 40 billion UAE dirhams ($10.89 billion).
More than 6,000 luxury residences, ranging from apartments and townhouses to ultra-luxury villas, are planned on the 2.7 million square metre island with a 11-km coastline, the developer said in a statement on the Abu Dhabi Securities Exchange.
The first residential development will be the Fahid Beach Residences, a collection of seven buildings, each featuring 65 residences,
Fahid Island is one of the largest mixed-use residential masterplans launched in Abu Dhabi, said Group Chief Executive Officer Talal Al Dhiyebi.
Japanese architects Kengo Kuma and Koichi Takada have designed two separate residential concepts on the island. Further residential developments are being designed by London-headquartered ACME and UAE-based NAGA Architects.
In February 2023, Aldar Properties said it paid AED2.5 billion to buy Fahid Island, a 3.4 million sqm land bank located between Yas Island and Saadiyat Island, to build a new waterfront development. The project's gross development value was then estimated at AED 26 billion ($7.1 billion).
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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