Aldar unveils third phase of Yas Acres development amid property market recovery

The developer will release 312 new villas and town houses for sale in the Magnolias in September

Aldar Properties has unveiled several projects this year as the property market continues to recover from the coronavirus-induced slowdown. Photo: Aldar

Aldar Properties, Abu Dhabi’s biggest developer by market value, is launching the third of phase of the Yas Acres project as it continues to expand its portfolio amid strong demand for prime residential homes and a recovery of the UAE’s property market.

Aldar will release 312 new villas and town houses in its Yas Acres The Magnolias development that will be available for purchase by all nationalities from September 4, the company said on Sunday.

The new units in Magnolias are being offered for sale after Aldar completed construction on the two previous phases of Yas Acres.

The Abu Dhabi developer has unveiled several projects this year as the property market continues to recover from the coronavirus-induced slowdown on the back of economic stimulus measures and a rapid mass vaccination programme.

Homes in Magnolias will be competitively priced and customers can choose from two, three, and four-bedroom town houses, duplexes and villas with as many as six bedrooms, the company said.

“Following the success of our recent launches on Yas Island, we expect to see high demand for these homes, particularly from younger buyers looking for either an investment foothold or to lay down family roots in one of Abu Dhabi’s most desirable locations,” said Rashed Al Omaira, chief commercial officer at Aldar Development.

The coming handover of twofour54’s Yas Creative Hub in Yas South will bring a working population of more than 10,000 to the island, he said.

In May, Aldar sold Noya Luma, the third phase of its Noya project on Yas Island, within four hours of launch and generated Dh560 million ($95.2m) in sales, it said in a statement.

The developer cumulatively booked more than Dh2.5 billion from property sales in the development's three phases – Noya, Noya Viva and Noya Luma, it said at the time.

Earlier this month Aldar said it sold 71 plots of land at its Al Gurm development in the capital. It also sold all 83 villas at its Saadiyat Island development – Saadiyat Reserve, The Dunes – to customers from 14 countries in May.

Villa prices in Dubai and Abu Dhabi grew by 3.9 per cent and by 2.2 per cent, respectively, on a quarterly basis at the end of the first quarter, property consultancy Chestertons said in a report earlier this year.

Aldar plans to unveil five new projects in 2021 on Reem, Saadiyat and Yas Islands as it aims to equal or surpass its 2020 sales of Dh3.6bn ($980m), Jonathan Emery, chief executive of Aldar Development, told The National in May.

In August, Aldar reported that second-quarter profit jumped 7.6 per cent to Dh520m as revenue for the period climbed 9 per cent annually to about Dh2.2bn. The company recorded Dh2.35bn in quarterly sales, its highest, it said at the time.