Construction of Yas Bay said to be on track
Miral has signed a land sales agreement with Siadah International Real Estate Development for the development of two residential buildings at Yas Bay on Yas Island in Abu Dhabi.
According to Miral, construction of Yas Bay is progressing on schedule. The completion of concrete works at the development’s first hotel, due to be operated by Hilton, was the latest milestone.
“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. 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,” stated Miral CEO Mohamed Abdalla Al Zaabi.
The first phase of road infrastructure and landscaping of the public realm, parks and promenade has also been completed, Miral’s statement noted.
Siadah International Real Estate Development CEO Chawqui Derradji added, “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.”