First phase of 'The Sustainable City — Yas Island' sold out within 24 hours

The Sustainable City – Yas Island received tremendous response from the property buyers and achieved 100 per cent sales within 24 hours of its public launch.

Aldar Properties, who launched the project in partnership with Diamond Developers in January 2022 during Abu Dhabi Sustainability Week, said sales at the first phase of the sustainability-centric community reached over Dh1 billion and the remaining 352 townhouses and condominiums have now been released for sale.

Construction of the project will commence in second quarter of 2023, with first handovers expected in fourth qaurter of 2025.

"A total of 512 homes were available during the first phase of the project, with 76 per cent of the units purchased by expatriates, of which 24 per cent were overseas investors, demonstrating Aldar’s growing international customer base," according to a statement on Sunday.

New customer base

About 87 per cent of customers bought their first Aldar property indicating the creation of a new customer base seeking a more sustainable lifestyle. And 66 per cent of buyers were under the age of 45, which also demonstrates strong demand for sustainability-driven properties and communities among new customer segments and younger generations.

“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 Sustainable City – Yas Island 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," Jonathan Emery, chief executive officer at Aldar Development, said.

"It also provides further impetus for us 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 said.

The sales launch of The Sustainable City – Yas Island was the first fully-paperless sales event for Aldar, where customers were able to complete their transactions digitally, using electronic signatures. The digitalisation of real estate transactions, which was enabled through the introduction of the UAE’s Law on Electronic Transactions and Trust Services (E-Law), offers an enhanced and more convenient experience for customers and a more environmentally friendly way to complete property purchases.

— muzaffarrizvi@khaleejtimes.com

• Business