Abu Dhabi: Despite concerns over the economic impact of lower oil prices, major property developers say they are launching a number of projects spanning residential, commercial, hospitality, and retail sectors as Cityscape Abu Dhabi kicks off.
The event, now in its tenth year, will run from Tuesday to Thursday at the Abu Dhabi National Exhibition Centre (Adnec), and is expected to see the participation of over 90 exhibitors.
Developers in Abu Dhabi said that while the economic growth is challenging, there is still “strong demand” as the emirate’s economic fundamentals remain strong.
Among the exhibitors at Cityscape is the Tourism Development and Investment Company (TDIC), which announced it will launch Saadiyat Lagoons District, a six million-square metre mixed-use development, at the event.
The development will feature residences, parks, lakes, and community facilities. Investors will have the opportunity to register their interest in the upcoming sale of phase 1 of Lagoons District at Cityscape.
Meanwhile, Bloom Properties unveiled FAYA, the fourth phase of its master-planned community Bloom Gardens, as part of its participation at Cityscape Abu Dhabi.
FAYA will consist of a total of 132 townhomes made up of 28 four-unit and five-unit clusters, and is scheduled for completion in the fourth quarter of 2017. Bloom Properties will also showcase a number of its projects that span real estate, education, hospitality, healthcare, and facility management at Cityscape.
On Monday, Aldar Properties announced the launch of Yas Acres, a Dh6 billion residential and leisure project that will feature 1,315 villas once it is completed in the fourth quarter of 2019.
Prices for units within Yas Acres will start at Dh2.9 million for three-bedroom townhouses. With Aldar being one of the exhibitors at Cityscape, investors interested in the Yas Acres units will have the opportunity to view the project’s masterplan and development model at the event.
Similarly, Mubadala Development Company, the Abu Dhabi-based investment firm, will showcase its property offerings on Al Maryah Island including the Four Seasons Hotel. The company will also outline the latest progress in the delivery of further infrastructure.
Leasing opportunities on Al Maryah Island are available within Abu Dhabi Global Market Square, with four Grade A commercial buildings comprising a total of 180,000 square metres.
Mubadala will also offer at Cityscape a number of premium land plots near Abu Dhabi Global Market Square for those interested in developing their own property.
Manazel Real Estate, another Abu Dhabi developer, announced the launch of its first project in Jordan, Manazel Amman, which will be showcased at Cityscape. The project is the company’s first outside the UAE, and spans 500,000 square metres, with around 1,600 residential units. The development includes villas and apartments.
Additionally, Asteco, a real estate consultancy firm and sales agent, will release the final tranche of units for sale as part of its luxury Anantara Residences hotel rooms collection at Cityscape.
The release, which is in partnership with Dubai-based developer Seven Tides, follows the December 2015 release of phase one of the Anantara hotel rooms project that saw all 73 units snapped within days of the release.
Asteco said in a statement that it will offer 30 one-bedroom units for sale, with sizes ranging from 530 square feet to 650 square feet, and a starting price of Dh1.3 million.
