Sustainability in focus as Aldar unveils Gardenia Bay development on Yas Island

Construction of first phase will begin in the first quarter of 2024, with handovers expected in the second quarter of 2027

Aldar Properties plans to have Gardenia Bay achieve a three-pearl rating on Abu Dhabi's green building rating system Estidama. Photo: Aldar
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Aldar Properties, Abu Dhabi’s biggest listed developer, has unveiled Gardenia Bay, a new residential community on Yas Island that focuses on sustainability and well-being.

The construction of phase one of the project will begin in the first quarter of 2024, with handovers expected in the second quarter of 2027, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.

Aldar is initially releasing 210 units for sale from September 8, with prices starting at Dh805,000 ($220,000) for studios and Dh3.1 million for three-bedroom apartments.

In total, 2,434 units in the community will be offered for sale to the public, the developer said.

The community is “in response to the growing demand for sustainable and wellness-focused communities … building on wellness, nature and the best of waterside living on Yas Island”, said Rashed Al Omaira, chief commercial officer of Aldar Development.

Aldar is boosting its portfolio of sustainable properties in line with the UAE's efforts to build more green buildings and communities as the world transitions to a greener economy and future.

Aldar said in July that it was developing a Dh8 billion residential community in the north-eastern part of Yas Island to add to its stock of integrated and sustainable residential communities in the UAE capital.

Being developed in partnership with the Abu Dhabi Housing Authority, Balghaiylam, as the project is known, will enhance the well-being of citizens and reflect the economic and cultural growth taking place in Abu Dhabi, Aldar said in a filing to the ADX at the time.

In May, Aldar Investment Properties, the company's real estate management unit, raised $500 million through a debut green sukuk as it looks to acquire more assets and meet its sustainability goals.

The 10-year Sharia-compliant issuance is part of the company’s $2 billion financing programme to support its growth agenda, in line with the UAE Net Zero by 2050 strategic initiative and Aldar’s plan to be a net-zero carbon business by 2050.

The proceeds of the transaction will be used in line with Aldar’s Green Finance Framework that governs investment in sustainable projects, it said at the time.

Sustainable properties, which is built using eco-friendly material, have several benefits such as energy efficiency, which helps to reduce their carbon footprint and pollution while conserving water.

Trickle-down effects include the promotion of a healthier lifestyle and the construction of sustainable amenities such as charging stations for electric vehicles.

From an investment standpoint, sustainable property is also attractive as it offers better resale and rental prices while attracting owners and renters who care about the environment, according to Azco Real Estate Brokers.

“Gardenia Bay’s design and the integration of nature within the development is centred around Aldar’s commitment towards environmental sustainability and the overall well-being of its communities,” Aldar said.

“Additional sustainable practices will be integrated including the utilisation of recycled materials, ensuring a harmonious balance between environmental responsibility and innovative design.”

In July, the developer reported a 52 per cent jump in its second-quarter net profit to Dh1.3 billion as revenue increased, driven by record development sales and strong contributions from its recurring income portfolio.

It also announced an investment of Dh350 million in July to expand its education portfolio across Dubai, Abu Dhabi and Bahrain, in addition to a similar Dh1 billion commitment it made to the sector in 2022.

Updated: August 30, 2023, 8:36 AM