Aldar rakes in $270m from Yas Island project sales

Construction of the project, offering 512 homes for sale in the first phase, will commence in the second quarter of this year

The first handovers of The Sustainable City project are expected in the fourth quarter of 2025. Photo: Aldar Properties

Aldar Properties, Abu Dhabi’s largest listed developer, hit the Dh1 billion ($270 million) mark for sales at its Sustainable City project on Yas Island.

A total of 512 homes were available during the first phase of the development, with 76 per cent of the units purchased by expatriates, the company said in a statement on Sunday.

“The success we have seen … 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 at Aldar Development, said.

The project, being carried out in partnership with Dubai-based Diamond Developers, “provides further impetus for us to deliver more developments of this type across the region”, Mr Emery said.

The construction of the project will commence in the second quarter of this year and the first handovers will be in the fourth quarter of 2025.

Earlier this month, Aldar unveiled a comprehensive strategy to decarbonise its business as it aims to become a carbon-neutral company by the middle of the century in line with the UAE’s net-zero 2050 initiative.

Aldar has also set “science-aligned 2030 interim targets” that will help it achieve net zero in its Scope 1 and Scope 2 greenhouse gas emissions.

The developer also aims to achieve a 45 per cent reduction in its Scope 3 emissions by the end of this decade, from the company’s 2021 baseline levels.

Aldar plans to launch a dozen new projects this year amid the UAE’s property market recovery and will continue to look for acquisitions to boost its portfolio, Mr Emery told The National in an interview on the sidelines of Abu Dhabi Sustainability Week.

The developer will start one new project in Ras Al Khaimah and the rest will be in Abu Dhabi, he said.

The UAE property market has continued to recover from the coronavirus pandemic on the back of government initiatives, higher oil prices and other measures to support the economy.

Aldar, which is looking to expand its portfolio of investments into the other emirates and beyond, last year made several acquisitions.

The developer partnered with Abu Dhabi's sovereign wealth fund Mubadala Investment Company to acquire Al Maryah Tower in the UAEs capital, in a deal valued at Dh450 million.

It also agreed to buy four prime commercial towers from Mubadala at The Abu Dhabi Global Market, the international financial centre on the capital's Al Maryah Island, in a $1.17 billion deal.

In Ras Al Khaimah, it announced new deals including the acquisition of the DoubleTree Marjan Island and an adjacent beachfront development plot for Dh810 million.

It also bought the Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million deal and Al Hamra Mall for $111.6 million.