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Aldar sees 'strong response' to new $1.36bn Yas Acres project

Aldar's new $1.36 billion flagship development, Yas Acres, has received strong response at Cityscape 2016, the Abu Dhabi-based developer has said.

Yas Acres will consist of 1,315 villas of between two and six bedrooms, with the company saying residents will have access to a golf course and club house, parks, schools and a waterfront.

The project will add to Aldar's Yas Island development, where the emirate's Formula 1 race track is built and which will house 15,000 residents when the Yas Acres project is completed.

Project completion is scheduled for end of 2019.

Talal Al Dhiyebi, chief development officer of Aldar Properties said: "We are encouraged by the response that Yas Acres has generated at this year’s Cityscape event. A major focus for our development team is to deliver the right product, at the right time, for the right price, and the feedback so far indicates that Yas Acres is a good fit for the market.

"Our research and experience tells us that Yas Acres should satisfy the demand for a high quality villa product that is available for purchase by investors and owner occupiers.

He added: "As a responsible real estate developer, we continue to monitor the market and the economic climate and we are confident that Yas Acres will be the next successful chapter in the Yas Island story that to date includes residential launches for West Yas, Ansam, and Mayan.

"We will soon be announcing the commencement of sales, and look forward to keeping the market updated on our progress."

The announcement comes at a time when house prices in Abu Dhabi are struggling to maintain current levels after steep rises in 2013 and 2014.

Funding for the Yas Acres project will be a combination of equity and debt, Aldar said earlier this week.

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