Aldar Properties, Abu Dhabi’s biggest listed developer, has launched a new waterfront development aimed at boosting the emirate's standing as a lifestyle destination.
The Dh6 billion ($1.63 billion) Yas Point will be a 600,000-square-metre development that will feature 1,600 branded residences and a five-star resort, Aldar said on Friday.
Yas Point, near the sites of the upcoming Sphere Abu Dhabi and Disneyland Abu Dhabi, will also include a school as well as retail, dining and leisure outlets, it said. The destination will become home to 5,000 residents once completed.
Aldar did not provide a time frame for construction phases and handovers.
The announcement comes shortly after Aldar's group chief financial and sustainability officer, Faisal Falaknaz, in April revealed plans to launch a new mega development in Abu Dhabi.
Yas Point reflects Abu Dhabi's ambition of being among the “greatest destinations” that “continue to evolve to remain globally relevant and create new reasons for people to visit, live and connect”, Aldar Development chief executive Jonathan Emery said on Friday.
The development is expected to expand “how people experience Yas Island and reinforces Abu Dhabi's position as a leading destination for lifestyle, tourism and investment”.
The property sector remains an integral part of the economies of Abu Dhabi and the wider UAE, with projects continuing to attract investors and buyers, even withstanding the fallout of the US-Iran conflict.
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The development will be set on the northern side of Yas, spanning about 600,000 square metres, the Yas Point master plan features 1,600 homes -
Yas Point will offer luxury branded residences to a five-star hotel, an international school and dedicated watersports -
Aldar Properties has unveiled Yas Point, its newest mega development
And in a bid to further support the market, the Abu Dhabi Real Estate Centre last month announced that rents for residential, commercial and industrial properties will not increase until further notice, apart from communities managed by ADGM such as Al Maryah and Reem islands.
Yas Island is one of Abu Dhabi's and Aldar's key destinations, alongside Saadiyat Island and Al Raha Beach. Yas Point is the latest development in Aldar's pipeline on the island. Last October, Aldar announced it was building a series of new develop-to-hold properties on Yas Island and Al Shamkha, areas beside Zayed International Airport.
Those projects – at a combined value of Dh3.8 billion – will cater to the residential, commercial and logistics sectors.
“Over time, Yas Point will continue to evolve through future residential, hospitality and lifestyle offerings, further establishing itself as the next defining destination on Yas Island,” Aldar said on Friday.
At May's Abu Dhabi Infrastructure Summit, Aldar said it was teaming up with the Department of Municipalities and Transport to build new residential communities in the emirate, including on an undeveloped island, Al Mihsinah, off the northern coast.
Aldar reported a 24 per cent annual jump in its first-quarter profit this year, after revenue rose on the back of increased home sales.
About 14,000 new homes are expected to be built at the two new developments in Dubai, with a gross development value of more than Dh38 billion, Aldar said in February.
