Dubai contractor Arabtec has been awarded a Dh2 billion contract by Abu Dhabi’s Aldar Properties to build 1,017 villas on Yas Island.
The contract represents the final package to be awarded for the West Yas development following infrastructure, public realm, school, clubhouse, retail and mosque packages, Aldar said in a statement this morning to the Abu Dhabi Securities Exchange.
West Yas is located along Yas Island’s mangroves and will feature both four and five bedroom villas with prices starting at Dh4 million. They are expected to be handed over at the end of 2017 and are only available to Emiratis.
Talal Al Dhiyebi, chief development officer at Aldar Properties, said in the statement that demand for the villas has been “very strong”.
The first phase went on sale in September and were all sold out, while a second phase was marketed in October.
In November, Aldar launched sales of a second Yas Island development – Mayan, which is located between Yas Plaza, Yas Beach and Yas Links golf course and will consist of 800 units.
Property prices in Abu Dhabi have held up better than in Dubai, thanks to a lack of stock.
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