Abu Dhabi: Dubai-based real estate developer Unique Group has launched two projects with a combined development cost of Dh1.06 billion on Abu Dhabi's Reem Island, its owner and managing director said on Sunday.
Shabbir Hussain told Gulf News that the construction on the projects, one residential and the other mixed-use, will start by the end of August with completion targeted for December 2010.
"The proposed debt-to-equity ratio for both projects is 50:50," Hussain said.
Marina Pearl, the mix-use project at Najmat, will have a development cost of Dh588 million, while Ocean Pearl, the residential project at the City of Light, will be developed at a cost of Dh478 million, Hussain said.
Reem Developers is the master developer for Najmat, while for the City of Light, Tamouh is the master developer.
"The selling price ranges between Dh2,000 to Dh2,500 per square feet, for both the projects," said Hussain. "There will be one-, two- and three-bedroom apartments with sizes ranging from 805 square feet to 2,600 square feet," he added.
Hussain said the National Engineering Bureau is the projects' consultants.
Asked why Unique chose Abu Dhabi to launch its first real estate venture, Hussain said: "There's room for substantial growth in Abu Dhabi. Property prices in Abu Dhabi are attractively-valued and there's a lot of scope for appreciation on the Reem Island, given its strategic location to the main city.
"For Ocean Pearl, we have a corner plot facing the sea with water on three sides, while for Marina Pearl, it's a corner plot facing the Marina with water on two sides and attached to a hotel."
