Abu Dhabi’s Aldar Properties on Monday launched $354 million (AED1.3 billion) The Bridges, a new “affordable” housing scheme on Reem Island, with unit prices starting at $122,616 (AED450,000).
Last month, the developer announced plans to invest $518 million (AED1.9 billion) in development of mid-market residential, hospitality and retail projects.
The new project, built on two plots separated by a 2.4-kilometre canal, comprises six 26-storey mid-rise towers, with a total of 1,272 units.
The company will release one tower for sale at this week’s Cityscape Abu Dhabi, which will add 636 units to its rental portfolio.
Construction is expected to commence in the fourth quarter 2017 and will be ready for handover in the first quarter 2020, the developer said. More info