Real Estate Q Holding in $1.9bn deal to build 1,742 villas By Pramod Kumar May 25, 2023, 6:49 AM WAM The two new projects are part of Abu Dhabi's plans to invest £23bn in building 76,000 homes over the next five years Abu Dhabi-listed developer Q Holding has signed two agreements with the emirate’s housing authority, Adha to design and build 1,742 villas. It will also see the development of mosques and commercial buildings, and in total will involve an investment of AED7 billion ($1.91 billion). The West Baniyas project includes 1,500 villas and 14 commercial buildings. The AED6.3 billion project is expected to be completed by Q2 2027. The second, Al Samha project, consists of 242 villas and retail units. The AED734 million development is likely to be ready by Q4 2025. The announcement of the two new projects follows Adha’s expansion of its Al Falah development, where 5,756 villas are being built. Earlier this month, the Abu Dhabi government announced plans to build up to 76,000 new homes in the emirate over the next five years to meet the rising demand for residential property. The emirate’s executive council signed off a budget of AED85.4 billion ($23.2 billion) for new residential neighbourhoods. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
