Aldar launches $1.6 billion Yas Acres project

12/04/2016 05:41 AST

The Abu Dhabi developer Aldar Properties has announced the launch of Yas Acres, a Dhs6 billion ($1.6 billion) project that will add 1315 villas to the northern shore of Yas Island.

The golf and waterfront development will accommodate 15,000 residents upon completion and units are available for purchase by all nationalities.

The starting price of units is pegged at Dhs2.9 million ($789,000) for a three-bedroom town house.

Yas Acres will also contain another housing component called Royal Oak located at the centre, which will comprise of four-, five- and six-bedroom luxury villas.

Facilities include a golf course and a club house, parks, two schools, five mosques, a community retail complex, a full-service ADNOC petrol station, yacht club and marina. Villa clusters will also include landscaped parks, running and cycling tracks, community pool areas along with playgrounds, sports facilities and BBQ areas.

Commenting on the launch of Yas Acres, Abubaker Seddiq Al Khoori, Chairman of Aldar Properties, said: “Abu Dhabi’s economic fundamentals remain solid, built upon a long term vision for economic diversification. In order to play a key role in our emirate’s growth plans, this Dhs 6 billion development is a clear example of Aldar committing to the delivery of only the highest quality homes to the market. Through this we can improve the quality of life of our customers, while also contributing to the local economy.”

Aldar’s annual net profit for 2015 was Dh2.56 billion ($697 million) in 2015, up 13 per cent year-on-year, while its 2015 gross profit from recurring revenue was Dh1.51 billion, 49 per cent higher than 2014.

Aldar Properties will introduce a new formula to calculate its dividends from 2016 onwards which could lead to higher payouts for shareholders, its chairman said recently.

The new policy is based on the underlying cashflow of Aldar’s business, the company said in its annual report.

The Gulf Today