Abu Dhabi developer Aldar Properties has launched a new AED2.4bn ($650m) mixed-use residential project on Yas Island.

The Water’s Edge scheme, which will be made up of 13 residential apartment buildings, will be located near the proposed Sea World theme park, and walking distance from Yas Mall, Ferrari World and the Yas Marina Circuit. The project will also include a promenade area with retail and dining offerings for residents.

Units in the development’s first building, which will be made up of 319 apartments, will go on sale at this year’s Cityscape Global exhibition, which will be held in Dubai on 11 September.

In order to support Aldar’s recurring revenue strategy, the developer will also incorporate several Water’s Edge homes into its leased residential portfolio, the company said in a statement.

Designs for the project, which were completed by the UK’s Atkins, have been approved by the Abu Dhabi Urban Planning Council (UPC).

The company has not decided on its packaging policy for the main construction contract, but is expected to tender the enabling package by the end of the year.

In August, Aldar recorded a 5 per cent increase in gross profits for the first half of this year.

The developer’s profits increased to AED1.29bn in the first half of this year, from AED1.23bn in the first half of 2016.

Revenues for the first half of this year matched those from the same period last year, sitting at AED2.93bn. The company recorded AED1.8bn of development sales in the first half of 2017, with its latest project, The Bridges, contributing AED600m to that figure.

Earlier this year, MEED reported that Aldar was planning an $816m investment programme for 2017.

MEED also reported that the developer is planning on appointing a main contractor for its AED1.3bn The Bridges project by the second half of this year.

The Bridges project will comprise six residential buildings with 1,272 units. The company is looking to retain three of the buildings and sell the other three.

US firms Aecom and Perkins+Will are serving as consultants on the scheme, which is set for completion by the first quarter of 2020.

Construction is expected to start by the end of this year. The project will be financed with the company’s existing funds and no new debt will be raised.