Abu Dhabi-based Aldar Properties has announced a new residential project on Yas Island in the UAE’s capital.

West Yas will have about 1,000 four- and five-bedroom villas, with prices starting from AED4m ($1.1m), according to a company statement.

The development will also include a mosque, a school operated by Aldar Academies, a retail centre and sports facilities. The project is expected to be completed by the final quarter of 2017, with construction tenders being launched by the end of this year.

In August, the company reported that its profits grew by 18 per cent in the second quarter of 2015.

Aldar’s net profit was AED601m, up from AED509m in the second quarter of 2014, due to the continued growth in recurring revenues, higher development margins and lower finance costs.

Gross profit from recurring revenue assets rose 60 per cent to AED340m in the second quarter, from AED213m. The revenues came from occupied residential space at The Gate Towers and Al-Rayyana, as well as Yas Mall.