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A new waterfront development with hundreds of apartments for low-income earners will be constructed on Abu Dhabi's Yas Island.
Aldar Properties on Monday announced the launch of the Dh2.4 billion Water's Edge project with homes starting from Dh480,000 available on sale to people of all nationalities. Sales in the first residential building will be launched at Cityscape Global which begins in Dubai on September 11, 2017.
The project will have 893 apartment units ranging from studio to three-bedroom homes. Aldar will retain 1,363 apartments.
"This is the third project we have launched this year for the low-income group," said Talal Al Dhiyebi, chief development officer, Aldar Properties. "Our focus is on middle-income earners. We target people earning Dh30,000 and below."
"Every apartment has a balcony and the majority will have views over the water and the waterfront promenade," said Al Dhiyebi.
Mohamed Khalifa Al Mubarak, CEO of Aldar, said: "Yas Island has established itself as Abu Dhabi's most exciting destination with world-renowned leisure and entertainment attractions, and a range of luxury apartments, townhouses and villas set to welcome residents over the coming years. Water's Edge is the latest chapter in the Yas Island story."
Water's Edge offers pedestrian access to all amenities, including a waterfront promenade with multiple dining and retail options. There will be 13 apartment buildings in total.
The location of Water's Edge is adjacent to the upcoming Sea World theme park, and a five-minute walk from Yas Mall, Ferrari World and the Yas Marina Circuit.
The early works for Water's Edge will commence in December 2017, and the homes will be handed over between June and December 2020.
The development follows The Bridges, which launched and sold out in Q2 2017, and Meera, which is on track to complete during Q3 2018. Aldar currently has more than 3,500 residences under development on Yas Island, including West Yas, Mayan, Yas Acres and Ansam, with Ansam due for handover later this year.
- ismail@khaleejtimes.com
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