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Aldar's key Yas Acres project fully sold out; nets $272m in sales

October 11, 2021
finance & economy

UAE developer Aldar Properties has announced that Magnolias, the third phase of its flagship Yas Acres development on Yas Island, has been fully sold out.

This follows the strong demand seen in the first three phases of Yas Acres and the rapid sell-out of the three phases of Aldar’s adjacent Noya development, said the statement from the Emirati developer.

The sale of the 312 spacious townhouses, duplexes and villas at Magnolias generated more than AED1 billion ($272 million) in sales and demonstrates the continued strong demand in the Abu Dhabi market for well-designed and well-located homes, it stated.

Aldar said it was currently finalising the next phase of Yas Acres with 120 new properties at ‘Dhalias’ set to be released into the market by year end.

Commenting on the strong sales performance, Chief Commercial Officer Rashed Al Omaira said: 'Yas Acres represents one of the most sought-after communities in Abu Dhabi, and the significant demand we have seen for Magnolias cements this reputation.'

'The spacious, lifestyle-focused homes represent a compelling opportunity for both investors and owner occupiers looking to make Abu Dhabi their long-term home,' he stated.

Construction of Magnolias is due to begin in Q1 2022, with handovers expected to commence in Q3 2024, he added.

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