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Sat 14 Sep 2019 12:04 AM

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Miral invests $170m in affordable Yas Island residential project

Abu Dhabi-based developer says Yas Village will include nine residential buildings, sports and leisure facilities, along with retail and dining options

Miral invests $170m in affordable Yas Island residential project
Comprising one and two bedroom units, the development’s phase one is scheduled for handover by the end of 2020.

Miral, the Abu Dhabi-based developer, has announced it is investing AED625 million ($170 million) in phase one of the first affordable residential project on Yas Island.

Yas Village, spreading across 108,600 square metres, is set to appeal to Yas Island’s employees and to the wider community of the Abu Dhabi, Miral said in a statement.

It added that Yas Village’s phase one commenced construction in May 2018 and is now 40 percent complete, with Singapore-based Steppe Capital investing in parts of the development’s first phase.

BR Kiran, chief portfolio officer of Miral, said: “Yas Village, the first affordable residential development on Yas Island, brings a modern and welcoming living community to the Island. 

"As we continue to attract quality investments within Miral’s various ongoing and upcoming projects on Yas Island, we are delighted to have Steppe Capital invest in the development of phase one of Yas Village.”

Yas Village will include nine residential buildings, sports and leisure facilities, along with retail and dining options, he added.

Comprising one and two bedroom units, the development’s phase one is scheduled for handover by the end of 2020 with a total of 994 units while phase two will bring an additional 758 units to Yas Village.

Dauren Yederbay, director, Steppe Capital, said: “We are excited to work with Miral on developing parts of Yas Village, which will bring the first affordable, comfortable and modern residential community to Yas Island. This is the first step in our collaboration with Miral, and we look forward to future investments and partnerships.”