Local developer Aldar Properties is planning 23 new projects as confidence returns to Abu Dhabi’s real estate sector and investors begin buying off plan properties again meaning new developments will be self-financing.

Aldar expects it will not need to raise finance for these projects as it will sell the properties off plan. “We believe these projects will be self-financing,” says Abubaker Seddiq al-Khoori, chairman of Aldar Properties.

The first of the 23 new projects to be developed were publicly launched by Aldar on 21 April. The three residential developments have a combined sales value of AED5bn ($1.4bn) and will be built on Yas Island, at Al-Raha Beach and Reem Island.

The Ansam development – the first phase of which comprises 540 golf course-view apartment units – will overlook the Yas Links Golf Course on Yas Island. Just across the bay from Yas Island, Aldar will develop the Al-Hadeel development at Al-Bandar on the Al-Raha Beach Waterfront. The scheme will contain 230 apartments and townhouse units.

Both developments are located in investment zones where property can be purchased by non-UAE nationals.

The third development, Nareel Island, consists of two islands each comprising of 143 waterfront villa plots for UAE nationals to build their own homes. The development is located next to the Emirates Palace Hotel and Etihad Towers development on Abu Dhabi Island, overlooking the Gulf.

The island was created by connecting an island known as Coconut Island with another larger island.

The new project is completely different from plans Aldar had previously prepared for Nareel Island. “It is a completely different concept,” says Mohammed al-Mubarak, deputy chief executive officer and chief portfolio officer, Aldar Properties.

In 2007 Aldar formed a joint venture with Abu Dhabi-based National Corporation for Tourism & Hotels (NCTH) to develop a Ritz-Carlton resort and residential development on the island.

US-based RW Armstrong & Associates was the architect. US-based Parsons Brinckerhoff was the project manager. Aldar tendered a marine works package for the island in 2010. That contract involves protection works for the island’s north shore and a 30-metre-long access bridge.

Another area of focus for Aldar is the development of housing for UAE nationals. In March, it said its current pipeline of national housing projects being built for the Abu Dhabi government totals 2,300 units, with a combined development value of AED5.7bn, including infrastructure.