Abu Dhabi residential scheme announced

02 September 2015

Aldar set to develop villa community aimed at UAE nationals

  • Abu Dhabi developer Aldar Properties announces villa community scheme
  • Completion expected in 2017

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.

Stay informed with the latest in the Middle East
Download the MEED app today, available on Apple and Android devices

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications