Aldar Properties’ Noya project sold within four hours of launch

Abu Dhabi’s property developer Aldar Properties has confirmed that its residential community Noya, situated on Yas Island, was sold out in four hours on the first day of the public launch.

It generated over Dhs1bn in sales, taking the year to date sales to over Dhs3bn.

Located in an investment zone, 60 per cent of Noya’s end-buyers were UAE nationals, the rest being non-UAE nationals. The project’s buyer demographics consists of a younger customer base with 50 per cent under the age of 45 and 20 per cent under 30. Meanwhile, 25 per cent buyers were female.

The residential development claims to be the first affordable townhouse and villa community on Yas Island, with prices starting at Dhs1.49m.

“The strong response we received on Noya is a prime example of our commitment to deliver the right property that meets the market demand and expectations of customers,” said Rashed Al Omaira, executive director – commercial at Aldar Properties.

“It is also a clear testament to the strength of Abu Dhabi’s real estate market and the solid appetite for well-priced, premium developments in prime locations like Yas Island. As one of Abu Dhabi’s most sought-after destinations, Yas Island continues to attract a diverse mix of buyers who are looking for the right balance of quality, location and lifestyle, and we are very excited to offer our customers the opportunity to invest and own properties in such unique developments.”

Construction of Noya is due to begin in Q2 2021, with handovers to commence in Q2 2023. Noya offers amenities that include community gardens, sports facilities, a community pool, splash pad, gym, and multi-purpose room, along with access to the island’s schools, golf courses, retail and entertainment destinations, and park networks.

Yas Island is also home to leading community developments including Water’s Edge, Ansam, West Yas, Yas Acres, and Mayan. Over 5,000 units have been launched in the last four years with over 87 per cent sold.

Last month, Aldar Properties became the biggest listed developer in the UAE after its shares rose the most in six years on the back of a deal with a state-owned entity in Abu Dhabi.

Read: Aldar eclipses Emaar as top UAE developer on $8bn deal

In October this year, Aldar announced that it would take over the management of several government capital projects worth Dhs30bn ($8.2bn), as part of an agreement with holding company ADQ.

Read more: Aldar, ADQ sign agreement on Dhs30bn of Abu Dhabi projects