An exciting development is on the way as Hilton and Aldar of Abu Dhabi collaborate to build the Waldorf Astoria Residences on Yas Island.
The largest listed developer in Abu Dhabi, Aldar Properties, is collaborating with the international hotel chain Hilton to build the Waldorf Astoria Residences on Yas Island.
The opening comes after Miral announced that a Disney theme park would be constructed on Yas Island, which is anticipated to boost the island’s demand for real estate and Abu Dhabi’s tourism potential.
Aldar stated they will give an exclusive selection of high-end furnished apartments and penthouses, but they did not disclose the project’s overall worth or its estimated completion date.
“The Waldorf Astoria brand will be introduced to Abu Dhabi for the first time thanks to our partnership with Hilton, which will also strengthen the emirate’s standing as a top global location for long-term residence and investment,” Talal Al Dhiyebi, group chief executive at Aldar, said in a statement on Monday.
The launch follows a collaboration agreement between Walt Disney and Miral, which was announced last week along with the Disney Theme Park Resort project.
The new facility will be built and constructed completely by Miral, with Disney managing the creative design and operational oversight.
In addition, Miral will run the theme park after construction is finished.
Yas Waterworld, Ferrari World, Warner Bros and SeaWorld Abu Dhabi are already among the top attractions on Yas Island and the new projects add to their existing attractions.
Yas Island saw an overall 38 million visitors last year, which is a rise of 10% more than the year before, while the island also witnessed an increase in theme park attendance by 20%.
Plans exist to add new rides to Ferrari World and Warner Bros, as well as to expand Yas Waterworld, in addition to the announcement of the Disney theme park.
Aldar’s most recent debut coincides with the continued high demand for real estate in the United Arab Emirates due to government measures including the extension of the 10-year golden visa program, residency permits for remote workers and retirees and general economic growth brought about by diversification efforts.
In the first quarter of this year, Abu Dhabi registered real estate transactions totalling AED 25.3 billion, a 34.5% increase over the same period the previous year. Overall transaction volumes rose to 6,896 from 5,773 deals in the first quarter of the previous year, according to the most current report from the Abu Dhabi Real Estate Centre.
Saadiyat Island came at the top with AED 5.6 billion in recorded real estate sales, followed by Yas Island (AED 3.6 billion) and Mohammed Bin Zayed City (AED 2.1 billion).
More than 20 residential projects are either open or under construction as part of Waldorf Astoria’s global portfolio.
Aldar launched two striking new developments last year, Yas Riva and Sama Yas.
A 25% jump was reported in the company’s first quarter profit.
Henry Wiltshire International is a multi-award winning brokerage with more than 11 years experience in Abu Dhabi. We specialise in luxury properties and look forward to offering the Waldorf Astoria apartments to our discerning clients. For priority information, contact us at +971 56 484 3380
