Aldar launches Dh940m residential project on Yas Island

The freehold development includes 510 townhouses and villas, with prices starting from Dh1.49m

Aldar's spherical Abu Dhabi headquarters will be framed by blue skies on Friday.. Victor Besa/The National

Aldar Properties, the UAE's biggest developer by market value, launched a Dh940 million master-planned residential community on Yas Island, as it continues to expand and tailor its portfolio in the emirate.

Located in an investment free zone, Noya offers properties on a freehold basis, the company said in a statement on Thursday. The project includes 510 units, including villas and townhouses, with prices starting from Dh1.49m.

“As Abu Dhabi’s leading real estate developer, Aldar is committed to continuously delivering property that meets the demands of the market in a sustainable way,” said Talal Al Dhiyebi, chief executive of Aldar Properties.

The launch comes amid the pandemic-related economic headwinds and softer demand for properties, but Mr Al Dhiyebi said Noya is a "testament to the strong fundamentals and resilience of the capital’s real estate market”.

Buyers can opt for a payment plan where they pay 35 per cent of the property price during construction and 65 per cent after handover, the developer said. Sales will begin on Sunday.

Construction of Noya is due to start in the second quarter of next year, with handovers scheduled in the second quarter of 2023.

Aldar Properties reported a 30 per cent increase in the third quarter revenue to Dh2.1 billion on the back of higher residential property sales and a growth in income from its third-party development management business. Its net profit for the three months to September 30 grew 8 per cent to Dh416m.

The developer signed an agreement with state holding company ADQ in October to manage Dh30bn worth of Abu Dhabi government capital projects, overseeing the work of Abu Dhabi General Services Company, known as Musanada.

Abu Dhabi’s residential market is continuing to soften, but the rate of price decline is slowing and transaction levels have picked up from a lull earlier in the year, according to real estate consultancy Chestertons' third-quarter market report.

Average apartment and villa prices were 4.8 per cent and 4.7 per cent lower than the same period last year, but the decline on the previous quarter slowed to just 0.6 per cent and 0.2 per cent, respectively.