Abu Dhabi-headquartered Aldar Properties plans to start construction of The Source, a wellness focussed residential development in Saadiyat Grove, in the fourth quarter of 2023, the developer said in a statement.

The low-rise project, comprising 204 apartments and penthouses, is expected to be handed over in the third quarter of 2026.

The development cost was not disclosed.

The Source is targeting a minimum of a 2 Pearl Estidama rating. The project will feature sustainable design elements that reduce carbon emissions and water usage throughout the development's design, build, and living phases.

In February, Aldar posted a fourth quarter 2022 net profit of 1 billion dirhams ($272 million), up 28 percent year-on-year.

Sales doubled to AED14.3 billion in 2022, driven by strong demand for existing inventory and new property launches in the UAE.

(Writing by P Deol; Editing by Anoop Menon)