Aldar launches Dh6b Yas Acres project

Abu Dhabi: Aldar Properties, the Abu Dhabi based real estate developer, announced the launch of Yas Acres, a Dh6 billion residential and leisure project on Monday.

The golf and waterfront development will add 1315 villas to Yas Island and will be home to 15,000 residents once it is completed in the fourth quarter of 2019, Aldar announced at a press conference in Abu Dhabi.

Available for purchase to all nationalities, the new development will include two to six bedroom villas and townhouses with three bedroom. Prices start at Dh2.9 million.

The project set to be completed in 2019 will have a number of amenities including a golf course, club house, parks, schools, mosques, yacht club and a marina.

“It is going to be a milestone in our journey. It is one of the significant new residential developments to be launched by Aldar in the last three to four years,” said Abubaker Seddiq Al Khoori, Chairman of Aldar Properties. He said the drop in oil prices has not affected the real estate sector and there is still strong demand.

“The stability of prices in rentals and increased rents in some areas in Abu Dhabi is a clear indication that there is demand in the market. There is also not much of supply, and prices are stable,” he said.

“Through substantial investment in non-oil industries, the government is helping spur growth as well as accelerating private sector job creation. Abu Dhabi economy grew by three per cent last year.”

“All our projects are very successful. We sold most of them. We have very balanced strategy to launch stable projects and didn’t rush with too many units.”

The company, launched in 2005, has been growing consistently with a number of iconic projects to its credit, including the Aldar headquarter building in the Al Raha Beach Development, the Gate towers on Al Reem Island, in addition to Yas Island’s F1 Circuit. It has $10 billion in assets.

Aldar Properties reported Dh2.56 billion in net profit for 2015, marking a 13 per cent increase over the Dh2.27 billion reported in 2014. Revenues for the full year reached Dh4.58 billion, falling 30 per cent from the Dh6.55 billion recorded in 2014.

“Our consistent performance over recent years underlines the success of our actions in positioning Aldar for the next stage of growth. Yas Acres is a core component of our development strategy,” said Mohammad Khalifa Al Mubarak, Chief Executive Officer of Aldar properties.

According to a report released by consultancy CBRE, average rentals in Abu Dhabi have remained steadfastly high during the first quarter. It said residential rental space remains in the grip of demand and supply imbalances.