Tamouh Investments, the primary master developer of Al Reem Island, has announced it will start handing over apartments to institutional investors in May.
Developing over 60 per cent of Reem Island in tandem with Sorouh and Reem Investments, Tamouh's timely delivery is likely to spur other sub-developers in the investment zone. Tamouh's flagship project, Marina Square will also be the first development on Al Reem Island to welcome residents.
Expected to add 3,440 residential units, phase one includes a commercial tower, where the developer is expected to base its headquarters.
With all towers sold to institutional investors, Tamouh says it did not have to contend with end-user defaults or facilitate mortgages.
"Distress sales may have occurred on the secondary market. The crisis caught everybody off-guard. Some people had to re-think their finances," says a spokesperson.
While the units were initially sold at Dh1,200 to Dh1,500/ft², prices reached an astronomical Dh1,800 to Dh2,000 on the secondary market during the market frenzy in 2008.
"Tamouh is working in close coordination with Bunya, the island's regulatory authority, to ensure a smooth handover. Infrastructure elements such as the road network, landscaping and district cooling services have been completed," says Joe Ong, managing director, Tamouh Investments.
Construction is also progressing on a 473-room five-star hotel and the Paragon Bay mall, all part of phase two.
A 115-berth marina will come online at a later stage while the berths are expected to be handed over in April.
"We expect the marina berths to generate good demand as there aren't too many marinas in the vicinity," says Ming Foo Cheah, COO, projects, Tamouh.The integrated community will include clinics, a mosque, 11 swimming pools, children's playgrounds and supermarkets.
Through its property management arm, ThreeSixty Estates, Tamouh has fixed service charges for Marina Square at Dh15.27/ft². This can be paid in monthly instalments and is inclusive of common areas. Each unit will have a separate meter to determine chilling charges.
All units will have smart-home services, accessed either through a touch-pad in the residence or via the internet from a remote location.
Marina Square will host 6,550 parking bays.
The residential units will comprise one-, two-, three- and four-bedroom apartments, 24 townhouses and seven villas. In phase two, 231 hotel apartments will be added.
