Aldar says phase one of Yas Acres sold out for Dhs 1bn

Abu Dhabi property developer Aldar confirmed that it sold out the first phase of its Yas Acres project, generating revenues of more than Dhs 1bn.

Following the strong response, the company said it will launch the second phase of the Dhs 6bn project on June 18.

The overall project, unveiled by the developer in April, is due to be completed by the fourth quarter of 2019, with work already ongoing on site.

The first phase of the golf and waterfront development sold 267 units and 125 additional units will be available in the second phase.

These units will be a mix of three and four bedroom townhouses, duplexes and villas and also five and six bedroom golf front villas. Prices start from Dhs 2.9m.

Aldar chief executive officer Mohamed Khalifa Al Mubarak said: “With the launch of the second phase we are confident that Yas Acres will be the next successful chapter in the Yas Island story which to date includes residential launches for West Yas, Ansam and Mayan.

“A major focus for us is to deliver products that suit the current and future needs of the emirate and the feedback so far indicates that Yas Acres is a good fit for the market.”

The development, located on the northern shores of Yas Islands, is expected to add 1,315 villas to the area, housing up to 15,000 residents when complete.

Spanning an area of 811,108 square metres, the site will also include landscaped parks, running and cycling tracks, community pool areas along with playgrounds, sports facilities and BBQ areas. In addition it will also be home to five mosques, two schools, one retail centre and a full service Adnoc petrol station.

“We believe that Yas Acres represents everything that people, and families in particular, will want from a home. The quality of the villas and town houses and the design of the community will make Yas Acres one of Abu Dhabi’s most attractive places to live,” Al Mubarak said.

Aldar has recently focused its attention on a number of key residential projects on Yas Islands, alongside Yas Acres. These include the 512 units project Mayan, set for completion in 2018 as well as West Yas, a residential project targeting Emiratis, and Ansam, a development featuring four Andalusian-style apartment buildings.

The developer has been posting a strong performance in recent months. It reported a 15 per cent year-on-year hike in profits to Dhs 654m and a 4 per cent increase in revenue at Dhs 1.23bn for the first quarter of 2016.