Abu Dhabi, UAE— Aldar Properties and Diamond Developers have sold out the first phase of its project dubbed Sustainable City on Yas island within 24 hours of its public launch.
Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community reached over $272 million and the remaining 352 townhouses and condominiums have now been released for sale.
A total of 512 homes were available during the first phase of the project, with 76 percent of the units purchased by expatriates, of which 24 percent were overseas investors demonstrating Aldar’s growing international customer base.
Some 87 percent of customers bought their first Aldar property indicating the creation of a new customer base seeking a more sustainable lifestyle. 66 percent 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.
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Commenting on the rapid sell-out of the development, Jonathan Emery, Chief Executive Officer at Aldar Development said: “From formulating its Green Agenda to declaring 2023 as the Year of Sustainability, the UAE continues to prioritise sustainable development.
“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.”
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.
Announced in January 2022 during Abu Dhabi Sustainability Week, The Sustainable City – Yas Island is the product of joint venture with Diamond Developers, the mastermind behind The Sustainable City brand. Construction of the project will commence in Q2 2023, with first handovers expected in Q4 2025.