Aldar Properties, Abu Dhabi’s biggest developer by market value, announced plans to build 189 detached villas at the Noya Luma development on Yas Island.
This move comes after the delivery of the first two phases of the development.
The latest phase, which includes three, four and five-bedroom detached villas, is in response to customer demand for larger options, Aldar said yesterday.
The company said there was significant buyer interest in four-bedroom villas during the first two phases.
Prices for three-bedroom units start from Dh2.41 million ($656,145) while four and five-bedroom villas start from Dh2.77m and Dh3.27m, respectively.
“The strong response to the first two phases of the Noya development reflects renewed consumer confidence and is confirmation that Abu Dhabi’s real estate market is going from strength to strength,” said Rashed Al Omaira, chief commercial officer at Aldar Development.
“We continue to consult with our customers to ensure that the products we offer meet their needs, allowing us to deliver properties that address gaps in the market.”
The Noya Luma villas are based in an investment zone and are available to purchase on a freehold basis.
Construction is due to begin in November, with handovers expected to start in February 2024.
The average plot size for units in Noya Luma will be larger than that for villas built in the second phase, the company said.
Aldar has booked more than Dh1 billion in sales at the development.
Noya Luma will offer access to The Village, a community centre within the Noya masterplan featuring a British curriculum school operated by Aldar Academies, shops and cafes, health establishments, a mosque and a library.
Aldar’s residential portfolio on Yas Island also includes the Yas Acres, Water’s Edge, Lea, Ansam and Mayan developments.
The Abu Dhabi developer reported an 80 per cent jump in first-quarter net profit as revenue increased and finance costs declined.
It also benefitted from a one-off gain from the completion of a property transaction with state holding company ADQ.
Net profit for the three months to March 31 rose to Dh544m. Revenue in the period increased 16 per cent to Dh2bn due to higher property sales.
Last October, Aldar agreed to take over the management and development of government capital projects worth Dh30bn under an agreement with ADQ.
The property market in Abu Dhabi is expected to stabilise in 2021 amid balanced supply, according to a report from consultancy ValuStrat.
“Rents and capital values in established villa locations could stabilise and perhaps witness gradual appreciation. Apartments could follow suit towards the end of 2021,” the report said.