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Affordable homes launched on Reem Island

abu dhabi - Aldar project aims to capitalise on the growing mid-market segment

In what could ease the rental and housing woes of Abu Dhabi residents, Aldar Properties has announced the launch of a Dh1.3 billion mid-market residential development in the UAE's capital.

The Bridges - a 1,272-unit development, which will be completed in 2020 - aims to capitalise on the growing mid-market segment and the demand among residents living on tighter budgets, yet seeking a good lifestyle on Reem Island.

Aldar, who has a staggering 75 million square metre land bank in Abu Dhabi and $10 billion (Dh37billion) in assets, will release one tower for sale at Cityscape Abu Dhabi. Prices will start from Dh450,000, with eight different unit types available.

The three towers, comprising 636 homes, will be incorporated into Aldar's leased residential portfolio as part of its investment programme announced last month. The Bridges' two plots, each containing three towers, are separated by the new 2.4-kilometer canal, which runs through Reem Island.

Mohamed Khalifa Al Mubarak, CEO of Aldar, said there is a growing demand from Abu Dhabi residents for mid-market housing. "We have launched The Bridges to cater to the significant demand for high-quality, yet affordable homes in prime investment zone destinations across Abu Dhabi. Set alongside the new Reem Island canal and featuring a range of amenities, and situated close to Abu Dhabi's business and cultural districts, The Bridges will appeal to both investors and owner occupiers," he added.

The Bridges will be situated next to a new public park, which will be unveiled at Cityscape Abu Dhabi on Tuesday.

- jasmine@khaleejtimes.com