Aldar to begin work on new Yas Island project next year

Aldar Properties

Aldar Properties is expected to start construction on the first phase of Gardenia Bay on Yas Island at the start of 2024.

The waterfront community is opposite Yas Park and close to attractions such as SeaWorld, Ferrari World and Yas Mall, the developer said in a statement on Abu Dhabi Securities Exchange.

The project value was not disclosed.

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Aldar – the largest developer in Abu Dhabi – will use a modular construction approach. To achieve minimum environmental impact it said it will use recycled materials and incorporate monitoring meters to reduce waste and energy and water consumption.

The first phase will see the sale of 210 of the 2,434 housing units from early next month. Prices start from AED805,000 ($219,164) for studios, while three-bedroom apartments start from AED3.1 million.

Handovers are expected in Q2 2027, the developer said.

Demand for residential property in Abu Dhabi is rising due to population growth and an economic resurgence following the pandemic.

On Tuesday, for example, Q Properties in the emirate awarded an AED1.76 billion ($479.17 million) construction contract for the first phase of Reem Hills villas on Al Reem Island.

The value of residential transactions across the emirate rose by 8.5 percent year on year in 2022. The number of deals increased by more than 27 percent, according to a report by Knight Frank.

House prices for freehold residential areas also increased by 1.2 percent year on year on average in the first quarter of this year to AED964 per sq ft.

In July, Abu Dhabi real estate saw a record 363 percent rise to AED834.6 million in purchases by foreign buyers in the first half of 2023, according to the emirate’s Department of Municipalities and Transport.

Saadiyat Island was the most popular location among overseas investors, which attracted 34 percent of sales. This was followed by Yas Island (28 percent), Al Jurf (12 percent), Al Reem Island (11 percent) and Al Shamkha area (8 percent).