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Aldar Properties to build $256.13 mn residential community

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The community is located in the iconic Yas Island and in close proximity to Aldar’s flagship Yas Acres

Abu Dhabi-based real estate development, management and investment company Aldar Properties has announced a $256.13 million residential community. The community is located in the iconic Yas Island and in close proximity to Aldar’s flagship Yas Acres.

The project, known as Noya, features 510 residences, including 4-bedroom villas and 2-and 3-bedroom townhouses. Noya offers residents amenities such as community gardens, sports facilities, a community pool, gym, golf courses as well as retail and entertainment destinations. Aldar is expected to start construction in the second quarter of  2021, with handovers to commence during the same period in 2023.

Talal Al Dhiyebi, chief executive officer, Aldar Properties told the media, “Noya will welcome its prospective residents with a unique balance of modern, efficient design, abundant outdoor spaces, and connectivity to central Abu Dhabi. As Abu Dhabi’s leading real estate developer, Aldar is committed to continuously delivering property that meets the demands of the market in a sustainable way. The launch of Noya is testament to the strong fundamentals and resilience of the capital’s real estate market and the trust customers have placed in Aldar.”

Aldar Properties posted an 8 percent increase in its third-quarter net profit for 2020. The company was helped by strong sales of residential units and income from its third-party development management business. Aldar recorded a net profit of $113.27 million during the period.

Recently, Aldar Properties emerged as the biggest listed developer in the UAE after its shares rose to a six-year high. The rise was attributed to a deal signed between Aldar and ADQ.

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