Aldar rakes in $300m as homes at Yas Park Gate sold out

Abu Dhabi developer also launched adjacent Yas Park Views community project comprising standalone 341 villas

Aldar's Noya Central Park on Yas Island. The developer will begin construction of its Yas Park Gate project in the first quarter of 2023. Photo: Aldar

Aldar Properties, Abu Dhabi’s largest listed developer, said sales at its Yas Park Gate community on Yas Island have hit about Dh1.1 billion ($300 million).

Emirati customers accounted for 85 per cent of sales while non-resident buyers and residents made up about 10 per cent and 5 per cent, respectively, Aldar said on Monday.

“The strong response to Yas Park Gate from both resident buyers and local and international investors is a testament to the continued appetite to live and invest in Yas Island’s communities,” said Rashed Al Omaira, chief commercial officer at Aldar Development.

Set within the North Yas development on Yas Island, the project will feature more than 500 homes and have access to the 115,000-square-metre Yas Park.

Construction is due to begin in the first quarter of 2023, with handovers expected to commence in the first quarter of 2026, Aldar said in August.

To capitalise on growing demand, Aldar simultaneously launched the adjacent Yas Park Views community, comprising 341 stand-alone villas on the doorstep of Yas Park Gate, the company said. They will be available for purchase from November 23.

The UAE's property market made a strong rebound in 2021 as it recovered from the coronavirus-induced slowdown and the trend has continued this year as the country's economy remains on a strong growth trajectory.

The economy is expected to grow at its quickest pace in more than a decade.

As economic activity in the UAE picks up, pent-up demand and improved investor sentiment after the Covid-19 crisis have helped to drive up property sales, particularly in Abu Dhabi and Dubai.

Abu Dhabi's property market had 4,441 transactions amounting to $5.7 billion in the third quarter of 2022, according to the Department of Municipalities and Transport.

The UAE capital recorded 1,995 sales worth Dh5.39 billion and 2,446 mortgage transactions worth Dh15.64 billion.

Yas Island topped the list of transaction values with Dh1 billion, followed by Saadiyat Island with Dh929 million worth of deals from July to September, DMT data showed.

Aldar Properties reported an 18 per cent increase in its third-quarter profit to about Dh557 million on the back of higher revenue and rental income.

The growth was driven by continued strong demand for existing inventory and new property launches in the UAE, as well as robust sales in Egypt, with a “strong and buoyant” property market expected well into 2023, the company said last month.

Work on Aldar’s latest project, Yas Park Views, is expected to begin in the second quarter of 2023, with handovers set to commence in the second quarter of 2026, the company said on Monday.

Aldar expects a “significant demand” for this project, Mr Al Omaira said.

“Yas Park Views offers customers a final opportunity to own a single-family home in one of the capital’s most desired locations. Each aspect of Yas Park Views has been carefully planned in response to our customers’ changing needs,” he said.

The project will comprise single-family villas, with three-bedroom villas starting from Dh2.84 million, four-bedroom villas from Dh3.43 million and five-bedroom units from Dh4.1 million, Aldar said.

The community will have theme parks, a shopping mall, clubhouses, gyms, swimming pools and other amenities.

Residents will also have access to the Noya Community Hub, which will be home to a leading British curriculum school, run by Aldar Academies, that will cater to the island’s growing communities.