Miral secures backing for Yas Village scheme

Steppe Capital has invested in phase one of affordable housing scheme

Image of the Yas Village project being developed by Miral at Yas Island. The project's Dh625 million first phase is due for completion next year. Courtesy Miral

Master developer Miral has secured investment from a Singapore-based company for its 108,600 square metre Yas Village development on Yas Island.

Miral said in a statement that it had secured investment for the Dh625 million first phase of the project, which will contain 994 affordable properties, plus retail and F&B units in nine buildings, from Steppe Capital. It did not disclose the value of the investment.

It is the first of a two-phase project on Yas Island, with the second phase expected to add a further 758 units. Phase one started on-site last year and is due to be completed by the end of 2020. Construction work is currently 40 per cent complete.

According to its website, Steppe Capital is an international family office and investment firm focused on markets in Kazakhstan, Russia, India and South East Asia. It has investments in oil & gas, metals and mining, infrastructure, aviation, hospitality, real estate and retail. It has offices in Almaty, Amsterdam and Singapore.

"As we continue to attract quality investments within Miral’s various ongoing and upcoming projects on Yas Island, we are delighted to have Steppe Capital invest in the development of phase one of Yas Village. Once complete, we look forward to welcoming employees from the island and its surrounding areas within Abu Dhabi to become residents of this inclusive community,” said Miral's chief portfolio officer, B.R. Kiran.

Dauren Yederbay, a director of Steppe Capital, described the deal as "the first step in our collaboration with Miral, and we look forward to future investments and partnerships".

In December last year, Miral Asset Management, which is the master developer for the southern part of Yas Island, said it had Dh6.2 billion worth of projects under construction on Yas Island, including its waterfront Yas Bay development.

In July this year, real estate consultancy firm Asteco predicted that about 11,200 new homes will be completed in Abu Dhabi this year, of which around 1,300 will be delivered at Yas Island. It said that apartment and villa prices had declined by 13 per cent and 5 per cent year-on-year, respectively, over the 12 month period ending in June.