05/09/2017 08:21 AST
Aldar Properties announced the launch of Water's Edge, a new Dh2.4 billion waterfront development on Yas Island targeting middle income families.
The development will have 2,255 homes with full or partial views over water and with recreation facilities, retail, restaurants and cafés, Aldar said on Monday.
With prices starting from Dh480,000 for a studio, a building for sale will be launched by Aldar at Cityscape Global in Dubai on September 11 and will be available for purchase by all nationalities.
One bedroom will cost about Dh780,000, two bedroom Dh1.1 million and three bedroom Dh1.6 million. Aldar will retain 1,363 units while the remaining 892 units will be sold to public.
The developer plans to construct thirteen buildings as part of the development with 8 per cent constituting studios, 42 per cent one bedroom, 35 per cent two bedroom and 15 per cent three bedroom units.
This is the third project for the Abu Dhabi based developer targeting middle-income buyers (Salary range of Dh10,000 to Dh30,000 per month) after it launched The Bridges earlier this year and Meera two years ago.
"Water's Edge is the latest chapter in the Yas Island story, bringing high quality waterfront living to the Emirate. We are confident that Water's Edge will complement our existing residential portfolio, and draw a positive response from customers," said Mohammad Khalifa Al Mubarak, chief executive officer of Aldar at a press conference in Abu Dhabi.
The new development will come up on the eastern shores of Yas Island in a 252,000 square meters area adjacent to the upcoming Sea World theme park and close to other top attractions including Yas Mall, Ferrari World and Yas Marina Circuit.
Yas Island is also a destination for a major government investment with the upcoming Dh12 billion South Yas development with twofour54 campus being developed by Aldar, which will bring 10,000 media and entertainment industry professionals to the island.
Al Mubarak said they currently have 3,500 homes under development at Yas Island and Water's Edge will push them towards 6,000 mark.
"We have designed this development around first time buyers who want to own and occupy their home, as well new investors looking to enter the Abu Dhabi market. We expect gross rental yield of over 8 per cent," he said.
The early works for Water's Edge will commence this December with phased handovers planned between June and December 2020.
Aldar currently has more than 3,500 residences under development on Yas Island, including West Yas, Mayan, Yas Acres and Ansam, with Ansam due for handover later this year.
Speaking to reporters after the press conference, Talal Al Dhiyebi, chief development officer at Aldar said they awarded contracts worth Dh2.2 billion this year for Mayan and Yas Acres projects and construction is underway.
He also said that they have a healthy cash position of more than Dh5 billion currently to spend on the projects and expects proceeds through the sale of the units.
Aldar Properties posted a 3.8 per cent decrease in net profit for the first half of 2017 when compared to the same period last year.
The revenue for the first half remained flat at Dh2.93 billion while second quarter revenues were down by about 20 per cent at Dh1.35 billion compared to Dh1.69 billion in the second quarter of 2016.
According to consultancy Core Savills, Abu Dhabi's residential and office prices softened, recording faster depreciations in the first half of 2017 than in 2016, with a mirroring effect on rent and a stabilisation expected to start in 2018.
Gulfnews
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