Aldar on Thursday announced the acquisition of a residential and community retail development in Dubai Studio City from SRG, a private developer, for AED1.1 billion, marking the group's latest residential-for-rent community in Dubai and further supporting its long-term strategy to build a high-quality recurring income portfolio and scaling its presence in the city.
Targeted for completion in 2028, the development will include six mid-rise buildings and 312 residential units.
The community will be home to a mall that features a mix of retail, recreational and F&B concepts, while a 16,000 square metre park will be located within the community, providing activity areas, a jogging track, and a playground.
Located in Dubai Studio City, the development is positioned within a high-demand residential catchment area benefiting from established infrastructure, direct connectivity to Al Qudra Road and Hessa Street, and close proximity to key employment and lifestyle hubs, including Motor City and Dubai Sports City.
The area also benefits from easy access to leisure destinations such as Dubai Autodrome, Dubai International Cricket Stadium and Dubai Butterfly Garden, together with a network of schools and community facilities.
Jassem Saleh Busaibe, Chief Executive Officer of Aldar Investment, said, "Dubai is a priority growth market for Aldar, and this acquisition reflects our belief in the city's residential market and the central role that institutionally owned, professionally managed rental housing plays in meeting the needs of a growing population."
He added that Dubai Studio City's established infrastructure, vibrant community, and strong connectivity make it an excellent location for a high-quality, professionally managed living environment.
"This transaction is the latest step in a deliberate and broadening strategy to build a diversified portfolio of income-generating assets in Dubai, one that we expect to continue growing as the city attracts increasing global interest and talent," Busaibe said.
This acquisition builds on Aldar's growing presence in Dubai across multiple asset classes. Aldar Investment's recurring income portfolio in the emirate now spans residential, commercial, logistics, and mixed-use assets, including a mixed-use joint venture with Expo City Dubai, a landmark commercial tower in DIFC, a Grade A office tower on Sheikh Zayed Road, and logistics assets in National Industries Park and Dubai South.
On the development side, Aldar's joint venture with Dubai Holding has delivered strong momentum, with three master planned residential communities already launched and an expanded pipeline of over 2.3 million sqm of new GFA supporting Dubai's 2040 Urban Masterplan.