Abu Dhabi: Aldar Properties, the Abu Dhabi-based developer, announced on Monday the launch of West Yas, a new residential development on Yas Island, with sales opening on September 12.
The development has 1,017 four- and five-bedroom villas located along Yas Island’s mangroves, and are available for sale exclusively for Emiratis at prices starting Dh4 million.
“West Yas also marks the next stage of Aldar’s residential development in Abu Dhabi’s most sough-after areas. The project delivers on our strategy to launch new developments that can drive the completion of Yas Island,” said Mohammad Al Mubarak, Aldar’s chief executive officer.
Interested buyers may attend the first phase of sales, taking place at Yas Island’s Crowne Plaza hotel on September 12.
Aldar said it will offer multiple payment plans with flexibility over down payment and instalment schedules.
The development is a non-gated community with no service charges, and includes various facilities such as a mosque, a retail centre, sports facilities, a petrol station, and greenery in the open public spaces. West Yas is also set to have two schools, one of which will be operated by Aldar Academies.
The development offers its residents proximity to Yas Mall, Yas Waterworld, Yas Marina Circuit, Ferrari World Abu Dhabi, and other landmarks on the island.
The villas are expected to be handed over to buyers at the end of 2017.
Earlier this month, Aldar reported Dh601 million in net profits for the second quarter of this year, marking an 18 per cent increase from the Dh509 million in Q2 2014.
The developer attributed the rise to a growth in recurring revenues, higher development margins, and lower finance costs following significant refinancing efforts over the past two years.
Greg Fewer, Aldar’s chief financial officer, told Gulf News in early August that he expected the company to continue to grow its recurring revenues over the next 12 months, with new product launches to be announced over the coming quarters.
