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Aldar to start work on $313m new housing project in Q1 2023

Landscape, Nature, Outdoors WAM
Yas Park Gate residential project will be part of the second phase of North Yas, covering 255,000 square metres to house 508 new homes

Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi.

The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres.

Construction of Yas Park Gate is due to begin in Q1, 2023, with handovers expected to commence in Q1, 2026.

In July, the developer reported profit attributable to shareholders reached AED 803.99 million ($218.91 million) for the three months to June 30, compared with AED 520.83 million a year earlier.

The company has signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate’s international financial centre, Reuters reported.

The Al Sila, Al Sarab, Al Maqam and Al Khatem towers are valued at AED 4.3 billion.