UAE developer to reconsider 'mix and balance' of 11km waterfront city in light of market changes
Aldar Properties has put its £13bn Al Raha Beach scheme under review. The UAE developer has said it is reviewing several schemes inside the beach development, including the Al Seef waterfront community scheme.
Robert Deatker, project director of Al Raha Beach, told local paper the National: “We're reviewing [Al Seef] to see what the right mix and balance is, and are talking to the urban planning council to make sure we develop the right product for the right market.”
Al Seef was to have comprised a mix of canals, flats, villas and shops.
Other projects at Al Raha Beach that have been fully or partly designed are also being looked at again. Parts of the Al Dana financial district, which will include Aldar's new headquarters, are also being reviewed.
Deatker said: “To carry on constructing something that isn't quite what the market wants means we have to do reviews. The market has changed and Aldar needs to be agile to adapt.”
Some of the first signs of the impact of the global slowdown on Aldar appeared in March, when Building reported that the client had asked the engineers and architects it is working with to cut their agreed fees by up to 20%.
Despite its problems, Aldar has said its Yas Island scheme is still on schedule to open in time to host the Formula One championship in November this year.
Al Raha Beach is an 11km-long waterfront city under development, which is intended to be the “gateway to Abu Dhabi” and home to 120,000 people.
No comments yet