Aldar Properties and Dubai Holding have expanded their landmark joint venture (JV), adding two strategic land plots in Dubai that will deliver almost 14,000 residential units with a combined gross development value (GDV) of more than 38 billion UAE dirhams ($10 billion).
The announcement on Friday follows the ADX-listed developer’s announcement on Monday that it plans to build nearly 3,000 homes in Abu Dhabi this year, with a combined GDV of about AED23 billion ($6.26 billion).
The first plot, located along Dubai’s eastern growth corridor opposite Nad Al Sheba, will be developed as an active, family-oriented community comprising apartments, townhouses and villas. Spanning approximately 4 million square metres (sqm), the project is targeted for launch in 2026.
The second plot is located on Palm Jebel Ali and will be positioned as an ultra-luxury waterfront development featuring branded and non-branded residences. Covering nearly 250,000 sqm of gross floor area (GFA), the scheme will offer direct beach access and is scheduled to launch homes for sale in 2027.
Aldar will oversee the full development lifecycle of both projects, including concept design, sales, delivery and asset management.
The latest announcement lifts Aldar’s total Dubai development pipeline to more than 2.3 million sqm of new GFA.
The JV, established in February 2023, had launched three communities – Haven, Athlon and The Wilds – spanning 3.5 million sqm of land. The three projects combined comprise 8,000 residential units with a GDV of AED 25 billion ($6.8 billion), and have recorded AED21.5 billion ($5.85 billion) in sales to date.
(Writing by Dennis Daniel; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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