Aldar Properties, Abu Dhabi’s biggest listed developer, is partnering with global hospitality company Hilton to develop Waldorf Astoria Residences on Yas Island.
The launch follows an announcement by Miral that a Disney theme park will be built on Yas Island, which is expected to increase Abu Dhabi's tourism potential and property demand in the island.
Aldar did not provide the total value of the project or its completion timeline but said it will offer an “exclusive selection” of premium furnished apartments and penthouses.
“Our partnership with Hilton will bring the Waldorf Astoria brand to Abu Dhabi for the first time, and further bolster the emirate’s position as a global destination of choice for both investment and long-term residency,” Talal Al Dhiyebi, group chief executive at Aldar, said in a statement on Monday.
The launch comes after the announcement of the Disney Theme Park Resort project last week, following a partnership agreement between the Walt Disney Company and Miral.
The new project will be fully developed and built by Miral, with Disney leading the creative design and operational supervision. Miral will also operate the theme park once the construction is complete.
The new project adds to other attractions in Yas Island including Ferrari World, Warner Brothers, Sea World Abu Dhabi and Yas Waterworld.
Last year, more than 38 million visitors visited Yas Island, 10 per cent more than the previous year, and theme park visits rose by 20 per cent.
In addition to the Disney attraction, there are plans to expand Yas Waterworld and add new rides to Ferrari World and Warner Bros World Abu Dhabi.
Aldar's latest launch also comes as demand for property remains strong across the UAE amid government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the economy on diversification efforts.
Abu Dhabi recorded real estate deals worth Dh25.3 billion in the first quarter, up 34.5 per cent compared to the same period last year. Total transaction volumes reached 6,896, compared to 5,773 deals in the first quarter of last year, according to the latest report from the Abu Dhabi Real Estate Centre.
Saadiyat Island was the leading area for real estate transactions, recording deals amounting to Dh5.6 billion, followed by Yas Island, with Dh3.6 billion, and Mohammed Bin Zayed City, with Dh2.1 billion.
Sales for the Waldorf Astoria Residences are expected to begin in the coming weeks, according to Aldar.
Waldorf Astoria's global portfolio includes more than 20 residential properties currently open or in development.
Aldar, which reported nearly a 25 per cent jump its first quarter profit, announced the launch of Yas Riva, a villa community on Yas Island, last year.
It also unveiled Sama Yas, featuring a collection of 234 apartments, duplexes, and penthouses.
