Saturday 9 December 2023

Aldar announces Sustainable City Phase One units sell out

ABU DHABI, January 23, 2023

Leading Abu Dhabi developer Aldar Properties has announced that all the 512 residential units within the first phase of its Sustainable City – Yas Island project has been sold out within 24 hours of its public launch.
Aldar is building the fully sustainable community on Yas Island in partnership with Diamond Developers to cash in on the growing demand for eco-friendly living options. 
The Sustainable City – Yas Island will feature hundreds of condominiums and townhouses that will be powered by clean renewable energy and equipped with biodomes, solar panels and battery-charged communal vehicles to promote energy efficiency and lower emissions. 
According to Aldar, work on the project will begin in Q2, with first handovers likely in Q4 2025.
Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community reached over AED1 billion ($272.2 million) and the remaining 352 townhouses and condominiums have now been released for sale.
Of the sold units, around 76% has been snapped up by expatriates, of which 24% were overseas investors, demonstrating Aldar’s growing international customer base, it added. 
On the rapid sell-out, CEO Jonathan Emery said: "From formulating its green agenda to declaring 2023 as the Year of Sustainability, the UAE continues to prioritise sustainable development. The success we have seen with the project is an endorsement of the government’s forward-thinking policies, and is a clear indication that buyers are looking for more sustainable ways of living."
According to him, nearly 87% customers bought their first Aldar property indicating the creation of a new customer base seeking a more sustainable lifestyle.
"Around 66% of buyers were under 45, which also demonstrates strong demand for sustainability-driven properties and communities among new customer segments and younger generations," he explained.
Emery pointed out that it also provided further impetus for Aldar to deliver more developments of this type across the region alongside Diamond Developers.
"Selling out the first phase of the community is a fantastic result for our business and caps off a perfect week having launched our net-zero plan and a number of other commitments across our business during Abu Dhabi Sustainability Week," he added.-TradeArabia News Service


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