The Sustainable City – Yas Island’s first phase sold out, sales value crosses Dhs1bn

The Sustainable City – Yas Island, launched by Aldar Properties (Aldar) in partnership with Diamond Developers, has achieved 100 per cent sales within 24 hours of its public launch.

Sales at the first phase of the sustainability-centric community reached over Dhs1bn; the remaining 352 townhouses and condominiums have now been released for sale.

Read: Aldar, Diamond Developers launch sales for The Sustainable City – Yas Island project

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.

New customer base

Around 87 per cent of customers bought their first Aldar property. Sixty-six 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.

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. 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.”

The Sustainable City Yas Island project made history after receiving huge demand, where the first phase of the project was sold out within 24 hours.#thesustainablecity #Abudhabi #sustainabledevelopment https://t.co/rXq0Adamx0

— The Sustainable City (@TSCDubai) January 23, 2023

The sales launch of project 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 project is the product of joint venture with Diamond Developers, the mastermind behind The Sustainable City brand.

Also read: Aldar to develop Dhs1.8bn The Sustainable City – Yas Island project in Abu Dhabi

Construction of the project will commence in Q2 2023, with first handovers expected in Q4 2025.