Abu Dhabi: Yas Island developer Miral announced today (October 1) that 33 more residential plots are available for sale within its Dh12 billion Yas Bay project.
The public realm and infrastructure of the waterfront destination is expected to be completed by December 2019, said Mohammad Al Zaabi, Miral chief executive officer. The following year (2020), the bay will open up its multi-purpose arena, a Hilton hotel and a pier, all part of a Dh4 billion investment by the developer.
“With this investment, we are contributing to the emirate’s visions to diversify the economy, and are getting closer to positioning Yas Island as one of the top global destinations for entertainment, leisure and business,” Al Zaabi said.
He was speaking during a media tour of the island venues today, in which executives provided updates on the construction progress on the southern part of the island.
“Our latest construction update highlights the significant progress we have achieved on our pioneering Yas Bay project. The mixed-use arena will be a vibrant addition to the island, and a new exciting destination for Abu Dhabi,” said Mohammad Al Zaabi, Miral chief executive officer.
Yas Bay areas
When completed, the 14 million square-feet Yas Bay will have three distinct areas.
Its waterfront includes the Yas Bay Arena as a focal point, along with a beach club, two hotels and a pier with 37 cafes and restaurants and 19 retail outlets. The arena will be able to accommodate up to 18,000 people, and it will include air-conditioned spaces. One of the two waterfront hotels will be a Hilton with 546 rooms, and 60 per cent of the construction on this facility has been finished so far. Another adjoining site is expected to house a boutique hotel.
The residential section district has been designed to house about 15,000 residents, and will include two mosques, 19 public parks, two community retail centres and two schools, Al Zaabi said. Two plots were sold earlier this year to Siadah International Real Estate Development for the development of two buildings, but 33 more are up for grabs.
The last area will become the new home of twofour54, Abu Dhabi’s media and entertainment industry. A total of 3.2 million square feet has been set aside for this outfit where 10,000 professionals will eventually be based.
Allaying fears about the oversupply of hotel facilities, Al Zaabi said Abu Dhabi had just had a very successful summer.
“The Yas Island masterplan set out in 2017 called for 1,500 more hotel rooms on the island, and the Yas Bay facilities will help meet these targets,” he said.