Aldar sells Phase I of $653m waterfront project

Aldar, a leading real estate developer in Abu Dhabi, UAE, has sold out the first phase of its Dh2.4-billion ($653.2 million) new waterfront development, Water’s Edge, on Abu Dhabi’s Yas Island, at the Cityscape Global in Dubai. A 2,255-home master planned project, Water’s Edge offers the complete outdoor lifestyle, with pedestrian access to all amenities including a waterfront promenade with multiple dining and retail options. Thanks to its prime location, adjacent to the upcoming Sea World theme park, and only a five minute walk from Yas Mall, Ferrari World and the Yas Marina Circuit, Water’s Edge had sparked a lot of investor interest. With prices starting from Dh480,000 ($130,653), Aldar had released the first phase of the waterfront development for sale at the top region property expo and by the close of the expo it has netted Dh400 million in sales, said a top official. Commenting on the achievement, Talal Al Dhiyebi, the chief development officer, said: “Coming to Cityscape in Dubai and selling out Water’s Edge on the global stage is a huge success for us, and shows that the Abu Dhabi real estate market remains attractive to property buyers from around the world.” The prime project is situated on Yas Island’s eastern shores, and the majority of units have full or partial views over water, he stated. "Residents will enjoy Water’s Edge’s wide choice of exercise and recreation facilities, retail, restaurants and cafes, in addition to Yas Island’s abundant attractions that make it the most exciting destination in Abu Dhabi,"