Aldar Properties, the biggest listed developer in Abu Dhabi, has announced the launch of a AED6bn ($1.63bn) villa project at its Yas Island development.
Yas Acres will include 1,315 villas, the largest project for the developer, Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The project will add to Yas Island, which is also home to a Formula 1 race track. Located on the northern shores of the island, the project will house 15,000 residents upon completion. It will offer access to a golf course, club house, parks, schools and other waterfront facilities, according to the statement.
Prices for units within Yas Acres will start at AED2.9m for three-bedroom town houses. The Royal Oak component of the project comprises four-, five- and six-bedroom luxury villas with golf, park and sea views, Aldar said without elaborating when the construction will start and how the project will be funded.
Mohamed Khalifa al-Mubarak, Aldars CEO, said Yas Acres is compelling for investors looking to buy into the steady returns and future growth of the Yas Island community.