Miral, the developer of Yas Island, Abu Dhabi’s entertainment island, has signed two land sales with Siadah International Real Estate Development to develop two residential buildings on the waterfront at Yas Bay.
Chawqui Derradji, CEO at Siadah, said: “We are delighted to invest in Yas Bay and to bring our projects to such an exciting destination. As the two plots become bustling communities, we aim to mirror Miral’s vision of offering unique and immersive experiences by developing residential units with direct views of Yas Bay waterfront.”
No further details were announced about the plans for the two plots.
Yas Bay, Yas Island’s new waterfront community, also includes other available residential and commercial plots for potential investors and partners.
“Today, we are happy to announce that we finalised the sale of the first two plots for residential development at Yas Bay with Siadah International Real Estate Development,” said Mohamed Abdalla Al Zaabi, CEO of Miral.
He added: “With the recent changes in the law issued by the Abu Dhabi government, allowing foreigners to acquire freehold lands and develop properties in designated zones, Yas Island’s Yas Bay is now firmly on the global map as a real estate investment destination.”
The latest addition to Miral’s portfolio, Yas Bay, is progressing to schedule. The project recently witnessed the completion of concrete works at its first hotel, due to be operated by Hilton.
In addition, the first phase of road infrastructure and landscaping of the public realm, parks and promenade have also been completed.
Yas Bay Arena, the multi-purpose indoor arena in Abu Dhabi, also marked a major construction milestone in March with the installation of the largest roof truss for the 18,000 seat Arena.
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