Aldar Real Estate Company “Aldar” on Wednesday announced its success in selling all the units offered in its first residential project in Dubai, Jinan by Aldar “Zinan”, the group delivered 468 units in the first phase.

In response to strong demand on launch day, Aldar launched the second phase of the project, which includes an additional 318 units, bringing the total number of units sold to 786 villas and townhouses, valued at 3.1 billion dirhams ($842 million).

Resident and non-resident buyers in the UAE contributed 77 percent of total sales, while Emiratis contributed the remaining 23 percent. Females accounted for 24 percent of sales and males accounted for the remaining 76 percent.

It is noteworthy that 51 percent of the buyers in the “Zinan” project are under the age of 45 and 85 percent of the buyers are first-time investors in Aldar Properties projects.

Aldar will launch the final phase of the “Jinan” project in early 2024, which will include villa and townhouse units in addition to residential apartments available to buyers of all nationalities.

As part of its strategic partnership with Dubai Holding, “Zinan” is the first of three new residential projects Altar plans to develop in Dubai.

Aldar Development Chief Commercial Officer Rashid Al Omera said: “We are delighted with the excellent response recorded by our first residential project in Dubai, which confirms our belief in the appeal of new residential concepts to local and international buyers with hundreds of people visiting the company’s sales centers in Dubai and Abu Dhabi,” Jinan said. “The sales strength of the project reflects the firm confidence of customers in Aldar, which is known for its high-quality development projects. Dubai’s reputation as an attractive place to live has no doubt played a major role in the success of the project’s launch and its strong sales.” .

Construction of the first phase of the project is scheduled to begin in the second quarter of 2024, and deliveries are expected to begin in the third quarter of 2027.