Aldar Properties, Abu Dhabi-based real estate developer, sold over 75% of its golf and waterfront development on Yas Islan, Mayan, according to Gulf News.
Mayan’s first phase, worth AED 980 million ($266 million) in investments, includes 5 buildings with 512 apartments. Two of the 5 buildings were sold in bulk deals to investors, reported The National.
The new development will feature studios, one-, two-, three-, and four-bedroom apartments, and villas.
Construction for first phase is set to start in the third quarter of 2016, and the scheduled handover will be in 2017.
“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 recognize the potential for yield and capital gain,” said Mohammad Al Mubarak, chief executive officer of Aldar.
Aldar announced early in April plans for Yas Acres, a 1,315 villas on the northern shores of Yas Island, an investment worth AED 6 billion. Aldar is also working on another development on Yas Island, named Ansam.