Aldar sells out first phase of Gardenia Bay project in 24 hours

About 70 per cent of all buyers were under the age of 45, highlighting Gardenia Bay’s sustainability appeal to a younger generation

Aldar's Gardenia Bay project is a new sustainability-focused residential community on Yas Island. Photo: Aldar

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.