Aldar Properties (Aldar) has announced the launch of a new AED10bn (USD2.7bn) masterplan for its Alghadeer development, located close to the border of Abu Dhabi and Dubai within the company’s Seih Al Sdreirah landbank. The masterplan consists of 14,408 units, including villas, townhouses and maisonettes, planned for delivery over 15 years. Total residential GFA is set to exceed 1.3mn sqm and will be complemented by office space, retail space, hospitality, education and community amenities. Aldar will launch 611 residential units within the first neighbourhood on 17 April, during Cityscape Abu Dhabi. Prices will start from AED290,000 for maisonettes and AED900,000 for townhouses. Construction on the first neighbourhood is scheduled to commence this year and conclude by 2021. It is worth noting we do not incorporate sales from Alghadeer in our numbers. We assume total contracted sales of AED3.5bn for Aldar in 2018, in line with 2017. 
 
Aldar Properties (AD): AED2.11 as of 16 Apr. 2018, Rating: Buy, TP: AED2.81/share, MCap: USD4,521mn, ALDAR UH/ALDR.AD
Mai Attia