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Aldar Properties, the Abu Dhabi-based real estate developer, announced that it has sold over 75 per cent of its golf and waterfront development, Mayan.
The first phase of Mayan consists of five buildings with a development value of Dh980 million and 512 units.
Of the five buildings, units are still available in three, with two having sold out completely in two bulk deals, the company said in a statement on Wednesday.
Mayan, which is located in Yas Island, was launched in November 2015, and consists of studios, one-, two-, three-, and four-bedroom apartments, and villas.
Enabling work has commenced, and main construction will start in the third quarter of 2016, while handover is scheduled to take place in 2017.
Mohammad Al Mubarak, chief executive officer of Aldar, said the response from end users reflects ''a healthy appetite for high quality residential community living.''
''We still have inventory remaining, but we are well placed to begin construction later this year, having already commenced with enabling works on site... In addition to this demand from end users, Mayan is capturing the interest of serious investors who recognise the potential for yield and capital gain,'' he said.
In April this year, Aldar announced plans for Yas Acres, a Dh6 billion project of 1,315 villas on the northern shores of Yas Island. The project is set for completion in the fourth quarter of 2019, and has already received strong response from investors.
Meanwhile, the construction of Ansam, another development on Yas Island, is continuing to show steady progress, Aldar said.
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Source: Staff Report, gulfnews.com