Aldar unveils plans for $1.63bn Yas Point to spice up Abu Dhabi’s life-style attraction

Aldar Properties, Abu Dhabi’s greatest listed developer, has launched a brand new waterfront growth aimed toward boosting the emirate’s standing as a way of life vacation spot.

The Dh6 billion ($1.63 billion) Yas Point will likely be a 600,000-square-metre growth that may function 1,600 branded residences and a five-star resort, Aldar stated on Friday.

Yas Point, close to the websites of the upcoming Sphere Abu Dhabi and Disneyland Abu Dhabi, will even embody a faculty in addition to retail, eating and leisure shops, it stated. The vacation spot will develop into dwelling to five,000 residents as soon as accomplished.

Aldar didn’t present a timeframe for building phases and handovers.

The announcement comes shortly after Aldar’s group chief monetary and sustainability officer, Faisal Falaknaz, in April revealed plans to launch a brand new mega growth in Abu Dhabi.

Yas Point displays Abu Dhabi’s ambition of being among the many “greatest destinations” that “continue to evolve to remain globally relevant and create new reasons for people to visit, live and connect”, Aldar Development chief government Jonathan Emery stated on Friday.

The growth is anticipated to broaden “how people experience Yas Island and reinforces Abu Dhabi’s position as a leading destination for lifestyle, tourism and investment”.

The property sector stays an integral a part of the economies of Abu Dhabi and the broader UAE, with tasks persevering with to draw buyers and patrons, even withstanding the fallout of the US-Iran battle.

And in a bid to additional help the market, the Abu Dhabi Real Estate Centre final month introduced that rents for residential, industrial and industrial properties won’t enhance till additional discover, other than communities managed by ADGM resembling Al Maryah and Reem islands.

Yas Island is one in all Abu Dhabi’s and Aldar’s key locations, alongside Saadiyat Island and Al Raha Beach. Yas Point is the most recent growth in Aldar’s pipeline on the island. Last October, Aldar introduced it was constructing a collection of recent develop-to-hold properties on Yas Island and Al Shamkha, areas beside Zayed International Airport.

Those tasks – at a mixed worth of Dh3.8 billion – will cater to the residential, industrial and logistics sectors.

“Over time, Yas Point will continue to evolve through future residential, hospitality and lifestyle offerings, further establishing itself as the next defining destination on Yas Island,” Aldar stated on Friday.

At May’s Abu Dhabi Infrastructure Summit, Aldar stated it was teaming up with the Department of Municipalities and Transport to construct new residential communities within the emirate, together with on an undeveloped island, Al Mihsinah, off the northern coast.

Aldar reported a 24 per cent annual soar in its first-quarter revenue this 12 months, after income rose on the again of elevated dwelling gross sales.

About 14,000 new properties are anticipated to be constructed on the two new developments in Dubai, with a gross growth worth of greater than Dh38 billion, Aldar stated in February.