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Aldar garners $272m from sale of phase one of sustainable city

Aldar Yas Island sustainable city Wam
The highest volume of transactions last year – AED4.2 billion – were in Yas Island, where a sustainable city is planned

Abu Dhabi-listed Aldar Properties (Aldar) and Diamond Developers, the developers of The Sustainable City – Yas Island, sold out the project’s first phase in a day, generating sales of over AED 1 billion ($272.25 million).

A total of 512 homes were sold in the first phase, with 76 percent of the units purchased by expatriates, of which 24 percent were overseas investors, reflecting a growing international customer base, the developers said in a joint statement.

Nearly 87 percent of customers purchased their first property with Aldar, while almost two-thirds of buyers were under 45.

Jonathan Emery, CEO at Aldar Development, 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 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.”

The statement said the construction will commence in Q2 2023, with first handovers expected in Q4 2025.