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UAE’s Aldar launches $653m waterfront development on Yas Island

Called the Water’s Edge, the residential project is valued at $653.4m (AED2.4bn) and will be built on Yas Island, adjacent to the upcoming Sea World theme park

Aldar has launched Water’s Edge, a 13-building waterfront development on Yas Island.
Aldar has launched Water’s Edge, a 13-building waterfront development on Yas Island.

Aldar Properties has announced that it will commence early works on a new waterfront master-planned development in December this year.

Called the Water’s Edge, the residential project is valued at $653.4m (AED2.4bn) and will be built on Yas Island, adjacent to the upcoming Sea World theme park, Aldar revealed in a statement.

The project will reportedly comprise 13 apartment buildings with private courtyards, landscaped areas, swimming pools, multipurpose courts, and a mosque.

Each housing unit will come with a balcony, giving residents access to waterfront views, said Aldar, adding that residents will also have access to amenities like a waterfront promenade, as well as exercise and recreational facilities, retail shops, restaurants, and cafes.

 

Commenting on the newly launched project, HE Mohamed Khalifa Al Mubarak, chief executive officer of Aldar, said: “Yas Island has established itself as Abu Dhabi’s most exciting destination with world-renowned leisure and entertainment attractions, and a range of luxury apartments, townhouses, and villas set to welcome residents over the coming years.

Read: Construction Week visits the project site of Meera by Aldar

“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.”

Aldar, which aims to begin phased handovers of Water’s Edge between June and December 2020, plans to incorporate a number of the project's units into its leased residential portfolio as part of its recurring revenue strategy.

The developer will be among the participants at next week’s Cityscape Global, which will take place from 11-13 September at Dubai World Trade Centre, where it will release one building of Water’s Edge for sale.

The development is expected to build on the success of The Bridges, which launched and sold out in Q2 2017, and Meera, which is on track to complete in Q3 2018, added Aldar.

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Construction Week - Issue 752
Oct 30, 2019