Aldar Properties launches sale for new residential scheme at Yas Acres

The Cedars will comprise homes, schools and a leisure club

Ferrari World on Yas Island - Aldar Investment Properties, a fully-owned subsidiary of Aldar Properties, has raised $500m through the sale of its debut sukuk. Lee Hoagland / The National

Abu Dhabi real estate developer Aldar Properties on Monday launched for sale a 260-unit residential community in its latest addition to the Yas Island master plan.

The Cedars comprises units with three and four-bedroom townhouses and semi-detached villas. The community will have one of the two schools planned to open at Yas Acres and a waterfront component of Abu Dhabi's Yas Island that will feature 1,315 townhouses and villas when complete.

The Cedars neighbourhood will also have a leisure club with gym and swimming pool and other facilities.

Both the school plots have been acquired by an unnamed local investment company, Aldar said.

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Yas Island is home to the Yas Marina Circuit - where the Etihad Abu Dhabi Formula One Grand Prix is held every year - as well as the Ferrari World, Warner Bros and Yas Waterworld theme parks, Yas Mall and Yas Links Golf & Country Club.

Aldar said it will waive the five-year community service charge and 2 per cent Abu Dhabi municipality fee to incentivise property purchases across Yas Acres. It will also offer customers a payment plan under which 20 per cent of the purchase price is payable during construction and the remaining 80 per cent upon handover.

Construction is under way on three launched phases of Yas Acres, and handovers of the first 652 homes is on track to commence in 2019, Aldar added. Prices for three to six-bedroom homes start at Dh3 million.