Abu Dhabi-listed Aldar Properties expects to start work on the first phase of Gardenia Bay, a residential community on Yas Island, in the first quarter of 2024.

Handovers are forecast to commence in the second quarter of 2027, the developer said in a statement.

The project, located opposite Yas Park, will house 2,434 apartments.

No details were given on the project’s cost or tender timelines.

The developer will use modular construction to reduce environmental impact. Moreover, the buildings will be strategically oriented to maximise shade and reduce heat, with additional cooling from water features and an emphasis on landscaping and planting selection.

The buildings will target a Pearl 3 Estidama rating and incorporate monitoring meters to reduce energy, water, and waste consumption, Aldar said.

In February, Aldar said it paid 2.5 billion UAE dirhams ($680.64 million) to buy Al Fahid Island, a 3.4 million square metre land bank between Yas Island and Saadiyat Island, to build a new waterfront project at a gross development value of AED26 billion.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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