The Abu Dhabi developer Aldar says it has started construction on its Ansam development on Yas Island, home to the emirate’s Formula 1 circuit.

Ansam is the first and only residential development on the island in which both UAE nationals and expatriates were able to buy units, Aldar said.

“All units available for sale were sold out on the first day of sales in June 2014 and will be handed over to owners in 2017,” Aldar said.

The development includes four “Andalusian-style” buildings comprising over 500 apartments, with views to the Yas Links golf course and the Yas Island waterfront.

“This groundbreaking not only marks the start of construction of Ansam but also the start of construction of our next development pipeline, which will see us launch a significant number of residential units over the next five years,” said Mohammad Al Mubarak, chief executive of Aldar.

Shares in Aldar, which are traded on the Abu Dhabi Securities Exchange, were trading up by 1.57% to Dh2.59 at 12.10pm local time.