Abu Dhabi: The first freehold residential units on Reem Island in the capital will be handed over to investors in May, prompting analysts to predict a further fall in property prices and rents in the supply-starved Abu Dhabi market.
Tamouh, the primary master developer of Reem Island, said it will commence the handover of 3,440 residential units from May in Marina Square, its flagship towers, on the island which is just 350 metres from the city, behind Abu Dhabi Mall.
Tamouh has a 60 per cent stake in the development on the island and two other developers, Sorouh and Reem Developers, share the remaining 40 per cent, 20 per cent each.
Meanwhile Sorouh told Gulf News yesterday that it would deliver 1,154 residential units and 39 floors of commercial space on the Sun and Sky towers on the island by the middle of the year (possibly by the end of June/July).
Addressing the media before a tour of the properties, Joe Ong, managing director of Tamouh, said: "The finishing touches are being given to the first phase of Marina Square that comprises 14 towers, and construction activity is rapidly progressing on the five-star hotel and Paragon Bay mall [the shopping centre division of Tamouh], which will be delivered as part of the second phase."
Marina Square is spread across 66 acres, has a built-up space of more than 827,000 square metres and will house more than 8,500 people and 6,550 parking bays on completion. The mixed-use development will offer a selection of residential units including one, two, three and four-bedroom apartments, town houses and villas.
Ong added: "The focus is on the completion of vital amenities within the development even before residents take possession of their properties.
"Infrastructure projects such as the connecting road network, landscaping, building maintenance and district cooling services have also been completed with modern conveniences being given the highest priority."
The towers are all enhanced with centrally appointed lobby areas, gymnasiums, swimming pools and playgrounds.
