Nearly 4k new homes coming to Yas Island in AED 6 bn build

Yas Island gets a new AED 6 bn residential project

Yas Island is set to add nearly 4k homes through a new AED 6 bn mixed-use development, with Cosmo Developments — a joint venture between Flag Holding Group and Reportage Group — launching The Wadi, according to a statement. The 140.7k sqm waterfront project along Yas Canal will comprise 3,950 apartments, retail and leisure facilities, and a planned hotel. Reportage will oversee development and long-term management, although no construction or handover timeline was disclosed.

IN CONTEXT- The launch adds to Abu Dhabi’s growing apartment pipeline as the housing market becomes more selective. Apartment prices rose 24.1% y-o-y in 2Q, even as overall transaction value fell 25.1% q-o-q and developers slowed launches. Aldar has also earmarked more Yas Island land for residential and mixed-use projects.