Aldar Properties, Abu Dhabi’s biggest listed developer, has said it sold out three buildings within 24 hours in the first phase of its latest sustainability-focused Gardenia Bay project in the emirate.
About 23 per cent of sales were completed by non-resident buyers, while foreign residents and Emiratis accounted for 40 per cent and 37 per cent of sales, respectively, Aldar said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
The company said almost 71 per cent of all buyers were under the age of 45, highlighting Gardenia Bay’s appeal to a younger generation.
Gardenia Bay is 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 next year, with handovers expected in the second quarter of 2027, the company said in an earlier filing to the ADX.
“The success of the sales launch emphasises Abu Dhabi’s continued appeal as a destination to invest in and Yas Island’s position as a desirable world-class destination to reside in with waterfront living,” said Rashed Al Omaira, chief commercial officer at Aldar Development.
“We expect that sales will continue to perform strongly as we release more units for sale."
Open to buyers of all nationalities, units in the new community are competitively priced, 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 last month.
Aldar has boosted 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 Abu Dhabi.
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Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Name: Zinah Madi
Occupation: Co-founder of Dots and links
Nationality: Syrian
Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2
Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”
Name: Razan Nabulsi
Occupation: Co-founder of Dots and Links
Nationality: Jordanian
Family: Married, Mother of Yahya, 3.5
Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”
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Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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