Aldar completes the sale of all homes at newly launched 'Magnolias' Yas Acres

• International and expatriate buyers represent 55% while UAE nationals represent 45%
• 78% of Magnolias customers are first time buyers of an Aldar home
• Next phase of Yas Acres development ‘Dhalias’ being prepared for sales launch 

Abu Dhabi, UAE: Aldar Properties (‘Aldar’) has announced that Magnolias, the third phase of its flagship Yas Acres development on Yas Island, has been 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.

The sale of the 312 spacious townhouses, duplexes and villas at Magnolias generated more than AED 1 billion in sales and demonstrates the continued strong demand in the Abu Dhabi market for well-designed and well-located homes. Aldar is currently finalising the next phase of Yas Acres with 120 new properties at ‘Dhalias’ set to be released to the market before the end of 2021.

With Abu Dhabi’s successful vaccination programme, the new golden visa programme and other investment friendly reforms, the capital has become an even more attractive proposition for international investors. Aldar’s strategic focus on this investment group is paying off with 16% of the total value of sales at Magnolias coming from offshore international buyers. This represents the highest percentage of overseas sales at any Aldar development launched in 2021. Overall, international and resident expatriates represent 55% of the customer base, while UAE nationals account for the remaining 45%. 78% of all buyers were first-time purchasers of an Aldar home.

Commenting on the strong sales performance of Yas Acres, Rashed Al Omaira, Chief Commercial Officer at Aldar Development, 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.

“Our strategy to increase overseas buyers across our developments is working and we are proud to welcome a new wave of international investment into Abu Dhabi. The city’s real estate fundamentals and the draw that Yas Island has as a world-class destination are being reflected in sales activity. We anticipate demand for properties on Yas Island to go from strength to strength, which supports our rationale to launch the next phase of Yas Acres this year.”

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

-Ends-

For further information, please contact:
Media
Obaid Al Yammahi
Aldar Properties
+971 2 810 5555

Sarah Abdelbary
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com 

About Aldar

Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.

Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.

Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.

Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.

For more information on Aldar please visit www.aldar.com      

© Press Release 2021