Abu Dhabi: The first phase of Abu Dhabi’s $1 billion (Dh3.67 billion) Maryah Plaza is on track to be finished by the end of 2018 with construction work in full swing, said a top executive of project developer Farglory.
The ultra-luxurious project coming up in Al Maryah Island will have one-, two- and four-bedroom apartments costing Dh2.6 million, Dh4.5 million, Dh10 million respectively.
About 20 per cent of the flats have already been sold to international investors, Jack Hu, the managing director of Farglory Group Middle East told Gulf News in an interview.
“There is a lot of interest from local and international investors for the project because of its location and also due to amenities that are being offered at the development. We are expecting more enquiries as the property market starts to recover in the first quarter of 2018,” he said.
The first phase of the Maryah Plaza was originally expected to be completed in 2016 when the project was announced four years ago, but was delayed due to a downturn in the property market. Low oil prices and a general slowdown in the economy also contributed towards the postponement of the project by the developer.
“The project is progressing towards completion at the end of 2018. We have completed four levels of construction including the ground floor. We are confident of meeting the deadline.”
The total investment in the first phase of the project is $275 million. The company is planning to take up the second and the third phase of the project at a later date.
Two towers will be built as part of the second phase of the construction and a five star boutique hotel will be built in the third phase.
The entire project is being funded by Farglory which is listed on Taipei stock exchange. The company has commissioned famed architect Richard Rogers to design it.
Speaking about the Abu Dhabi property market, he said the market will start to recover in 2018 and some select areas will benefit because of the upturn including Al Maryah Island, Saadiyat Island and Al Reem Island.
“We have the right product in the right location. Once the market recovers Al Maryah Island will benefit a lot and we expect good demand for our development.”
When asked whether the company is planning to take up more projects in the UAE, he said they are actively interacting with some of the massive developers in Dubai to start a project. He did not provide further details.
“The global real estate market will stabilise in the first quarter of 2018. At the moment there are too many geopolitical factors and elections going on. You had Brexit last year and also elections in some countries. Starting from next year, market will be in a much better shape,” he said giving an outlook on global real estate market.
Abu Dhabi’s property market weakened in the first quarter with rentals and sale prices falling, according to the Abu Dhabi Residential Market first quarter 2017 report from international property agency Chestertons Mena.
Average apartment sale prices in Abu Dhabi fell by 1 per cent in the first quarter of 2017 while villa prices dropped by 9 per cent amid public and private sector downsizing, according to the report.
Areas bucking the trend included Al Reef Downtown, which saw an increase of 1 per cent to Dh948 per square feet, Al Reem Island remained flat at Dh1,362 per square feet.
