Abu Dhabi developer Aldar Properties announced that over 75 per cent of the first phase of Mayan – its luxury golf and waterfront development – has been sold out.
The first phase, valued at Dhs 980m, includes five buildings with 512 units. Two buildings are now sold out with inventory available in the other three, the developer said in a statement.
Located in Yas Island alongside the Yas Links golf club, natural mangroves and the beach, Mayan was launched in November last year.
It consists of seven buildings with studios, one-,two-,three- and four-bedroom apartments and a select number of villas.
Amenities include multiple swimming pools, children’s play areas, gymnasiums and retail outlets.
The development is also close to other attraction in Yas Island such as Yas Waterworld, Yas Marina Circuit, Yas Marina and Ferrari World Abu Dhabi.
Enabling works on the project have commenced with main construction due to start in the third quarter of 2016, Aldar said.
Handover is scheduled to take place in 2018.
Aldar chief executive officer Mohamed Khalifa Al Mubarak said: “We still have inventory remaining, but we are well placed to begin construction later this year, having already commenced with enabling works on site.
“In addition to this demand from end users, Mayan is capturing the interest of serious investors who recognise the potential for yield and capital gain,” he said.
“In fact the selling out of a pair of our buildings within Mayan is the result of two bulk deals – further indication of the resilience of the Abu Dhabi real estate market,” he added.
Aldar has launched several new projects in Yas Island during recent months.
In April, the developer unveiled Yas Acres, a Dhs 6bn project that includes 1,315 villas on the northern shores of Yas Island.
It is also developing West Yas, a residential project targeting Emiratis that includes 1,017 four- and five-bedroom villas.
The development is a non-gated community with no service charges, and includes facilities such as a mosque that can accommodate 2,000 worshippers; an international school; a retail centre; sports areas and a petrol station.
Aldar also confirmed that construction work is progressing on Ansam, another residential project in Yas Island. The development features four Andalusian-style apartment buildings comprising 500 apartments overlooking the Yas Links golf course and the waterfront.