23 August 2021, The National News – thenationalnews.com
The developer will release 312 new villas and townhouses for sale in the Magnolias in September.
Aldar Properties, Abu Dhabi’s biggest developer by market value, is launching the third of phase of Yas Acres development as it continues to expand its portfolio amid strong demand for prime residential properties and recovery of the UAE’s real estate market.
Aldar will release 312 new villas and townhouses in its Yas Acres The Magnolias development that will be available for purchase by all nationalities from September 4, the company said in a statement on Sunday.
The new units in Magnolias are being offered for sale after Aldar finished the construction on Redwoods and Aspens and Cedars, the two previous phases of Yas Acres.
The Abu Dhabi developer has unveiled several projects this year as the property market continues to recover from the coronavirus-induced slowdown on the back of economic stimulus measures and a rapid mass vaccination programme.
Homes in Magnolias will be competitively priced, the company said, adding that customers can choose from two, three, and four-bedroom townhouses, duplexes and villas as big as six bedrooms.
“Following the success of our recent launches on Yas Island, we expect to see high demand for these homes, particularly from younger buyers looking for either an investment foothold or to lay down family roots in one of Abu Dhabi’s most desirable locations,” Rashed Al Omaira, chief commercial officer at Aldar Development, said. The the upcoming handover of twofour54’s Yas Creative Hub in Yas South will bring a working population of over 10,000 to the island, he added.
In May, Aldar sold Noya Luma, the third phase of its Noya project on Yas Island, within four hours of its launch and generated Dh560 million ($95.2m) in sales, it said in a statement. The developer has cumulatively booked more than Dh2.5 billion from the sale of properties in three phases of the development – Noya, Noya Viva and Noya Luma, it said at the time.
Earlier this month Aldar said it sold 71 new plots of land at its Al Gurm development in the capital. It also sold all 83 villas at its Saadiyat Island development, Saadiyat Reserve, The Dunes, to customers from 14 countries in May.
Villa prices in Dubai and Abu Dhabi grew by 3.9 per cent and by 2.2 per cent respectively, on a quarterly basis at the end of the first quarter, property consultancy Chestertons said in a report earlier this year.
Aldar plans to unveil five new projects in 2021 on Reem, Saadiyat and Yas Islands as it aims to equal or surpass its 2020 sales of Dh3.6bn ($980m), Jonathan Emery, chief executive of Aldar Development, told The National in May.
In August, Aldar reported a 7.6 per cent jump in its second-quarter profit Dh520m as revenue for the period climbed to 9 per cent annually to about Dh2.2bn. The company recorded Dh2.35bn in quarterly sales, its highest, it said at the time.