Aldar’s Yas Island project sells out in 48 hours

Developer says Noya Viva has generated more than Dh1bn in sales

Noya Viva on Yas Island in Abu Dhabi comprises 480 units, including four-bedroom villas and two- and three-bedroom townhouses. Courtesy Aldar Properties

Aldar Properties said Noya Viva, the second phase of its Noya development on Yas Island, sold out within 48 hours of its launch.

It follows a first phase launch in November that sold out within four hours.

“Abu Dhabi’s real estate market continues to go from strength to strength, as demonstrated by the significant appetite for Noya Viva,” Rashed Al Omaira, chief commercial officer at Aldar Development, said in a statement on Monday.

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“Central to this market-leading sales performance is Aldar’s commitment to addressing current market demand and launching customer-centric products.”

Aldar has already generated more than Dh1 billion of sales at Noya Viva, the UAE's biggest listed developer said. The development contains 480 properties, including four-bedroom villas and two- and three-bedroom townhouses.

Unit prices start from Dh1.65 million and are offered with a 40:60 payment plan, meaning 40 per cent is payable during construction and the remainder on completion. A 5 per cent down payment is required, according to the project's website.

So far, UAE nationals account for 61 per cent of buyers, women 26 per cent and under 40s 42 per cent, the developer added. Some 63 per cent are first-time purchasers from Aldar, the developer said.

Noya Viva is located in an investment zone on Yas Island, with properties available to purchase on a freehold basis for all nationalities.

Construction is due to begin in the fourth quarter of 2021, with the first handovers expected in the first quarter of 2024.

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.

The focal point within the Noya masterplan is The Village, a community hub that will include a British curriculum school operated by Aldar Academies, shops and cafés, health facilities, a mosque and a library.

Aldar’s residential portfolio on Yas Island also includes Noya, Yas Acres, Water’s Edge, Lea, Ansam and Mayan.

Aldar Properties reported a 28 per cent increase in its fourth-quarter net profit in 2020 on the back of higher revenue. Net profit for the three months to December 31, 2020, jumped to Dh729m, the company said. Revenue grew 19 per cent to Dh2.53bn.

Alpha Dhabi Holding, an entity known until recently as Trojan Holding, bought a 12.21 per cent stake in Aldar Properties from Mubadala Investment Company for Dh3.5 billion ($953 million) on April 4. Mubadala will retain a 25 per cent stake and remain as Aldar's largest shareholder.