ABU DHABI: Despite prices starting at Dh2,000 per square foot for the newly launched residential units on Saadiyat Walk, phase one of the development that was offered for sale off-plan has been sold, according to its developer, the Tourism Development & Investment Company (TDIC).
A statement released by TDIC on Wednesday said that phase one of Mamsha Al Saadiyat (Arabic for Saadiyat Walk) was sold in a special two-day event that took place on September 27 and 29. Prices for sales of a one-bedroom apartment start at Dh2.5 million, and are open for purchase to residents and citizens.
Jeremy Oates, general manager of Asteco Property Management in Abu Dhabi, said he projected further demand of the units.
“[Saadiyat] will always be seen as a prime location. Similar developments such as Saadiyat St. Regis reached close to this [Dh2,000 per square foot] and we saw a strong demand for this product.
This, combined with a trend of tenant preference for new master-planned communities, will also drive demand for apartments in prime developments within investment areas,” he told Gulf News.
Oates added that he expected the demand for smaller units to come from all investors — Emiratis and expatriates.
Even as various developers launch new units into the market, Oates did not see the property market near saturation.
“Asteco do not see this sort of high-end market reaching saturation as demand remains strong. The middle tier market is approaching saturation, as this is where the majority of buildings in Abu Dhabi is pitched. The affordable end of the market has a very small supply of which demand can’t be met by supply,” he said.
Comprising five clusters, each approximately 250 metres long, the development will feature nine low-rise residential buildings with a total of 461 units including apartments and town houses. Unit sizes will range from one- to four-bedrooms to lofts and penthouses, with a gross floor area from 106 to 454 square metres for the one to four bedroom apartments.
All buildings will feature ground-level retail offerings, and pool terraces. The complete project, which will be development in phases, will also include a serviced-apartment building, and a retail village offering nearly 5,000 square metres of leasable area for both retail and dining outlets.
The units have direct access to the beach, access to health clubs, cycling lanes, and access to a pier that stretches nearly 200 metres into the sea. The development also offers easy access to the Louvre Abu Dhabi, Zayed National Museum, and Guggenheim Abu Dhabi.
