Abu Dhabi’s biggest developers, Aldar Properties announced that it is constructing a $490 million, 864-unit development in Abu Dhabi’s Yas Island, according to media reports. The project will be built in partnership with Dubai-based Diamond Developers, said Jonathan Emery, chief executive of Aldar Development. The community will span an area of 397,000 square meters in the Yas north island of Abu Dhabi and will comprise of 864 townhouses and apartments, as well as 3,000 square meters of retail space.
The sustainable city will be powered by renewable energy, enabling residents to save up to 100 per cent on energy bills. The project also plans on adding green, energy-efficient designs, car-free residential clusters, recycling facilities, and indoor vertical farms. Apart from residential and retail elements, it will also feature an equestrian centre, mosque, cycling and jogging tracks, and landscaped areas too.
Jonathan Emery, chief executive officer at Aldar Development, told the media, “This agreement marks an important milestone in Aldar’s strategy to accelerate sustainable development in Abu Dhabi. The Sustainable City – Yas Island will have all the elements of high-quality sustainable living and will complement our commitment to carbon reduction, in line with the UAE’s Net Zero by 2050 Strategic Initiative.”
Faris Saeed, chairman of Diamond Developers, the mastermind behind The Sustainable City brand, added, “The successful replication and rapid growth of sustainable developments around the world depends on partnerships and collaborations between public and private sectors. We are pleased to join hands with Abu Dhabi’s leading developer Aldar, and believe this agreement offers substantive opportunities for the exchange of knowledge.”
Last year, Aldar properties signed a Dhs300m facility with HSBC that links the interest margin and it is payable under the facility to achievement of sustainability targets.