Aldar Properties has unveiled a residential development on Yas Island, as Abu Dhabi’s biggest listed developer continues to grow its property portfolio amid higher demand from buyers.
Comprising 234 apartments, duplexes and penthouses, Sama Yas will be available to buyers of all nationalities from February 2, Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Construction will begin in the third quarter of this year, with completion set for the third quarter of 2027, Aldar told The National.
The company said the development, conceptualised by architecture firm Woods Bagot, will have amenities such as shops, a boutique spa and a 24/7 concierge and lounge.
Other features of the 100,000-square-metre residential development include community gardens, cycling and jogging tracks, outdoor working pods, a library, kids play area and co-working spaces.
Kitchen designs are inspired by UAE-based culinary expert Chef Izu.
“The development will aim to achieve the Estidama 3 Pearl rating and will incorporate sustainability measures into its design to reduce energy, water, and waste consumption,” Aldar said.
Abu Dhabi’s Estidama Pearl ratings are related to the development of sustainable buildings in the emirate.
Aldar launched several projects last year, as demand for property continued to rise in the UAE amid government initiatives and overall economic growth propelled by higher oil prices.
Last month, the company sold out 420 units in the first phase of its residential development in Ras Al Khaimah for Dh1 billion ($272 million).
The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments.
Following the success of phase one, Aldar has released an additional 150 units for sale.
Aldar also generated Dh3.1 billion from the sale of 786 villas and townhouses as the first two phases of its Dubai residential project sold out on strong demand from buyers, it said in November.
The company is developing the project in partnership with Dubai Holding.
In September, it sold three buildings within 24 hours in the first phase of its sustainability-focused Gardenia Bay project in Abu Dhabi.
Nearly 23 per cent of sales were completed by non-resident buyers, while foreign residents and Emiratis accounted for 40 per cent and 37 per cent of sales, respectively, Aldar said at the time.
In the first nine months of 2023, the company recorded total development sales of Dh19.4 billion, helping to boost its revenue and profit.
