Abu Dhabi: More than 1,000 residential units, some of which have been delivered and handed over, will be added to Abu Dhabi's property market by the end of this year through the Tourism Development and Investment Company's recent residential communities.
That includes The Residences at St Regis Saadiyat Island Resort, Saadiyat Beach Villas, Saadiyat Beach Apartments and the Eastern Mangroves residential apartments.
"If you want to have city life, you need to have people in it," said Nabeel Al Kindi, chief development officer at TDIC.
"You can't have a community without having people live here. Otherwise it would just be an office space. So our objective is to have it as a play, stay and live [place]."
The TDIC said the property movement in Abu Dhabi was improving, adding their sales for the first quarter of 2012 alone had been double their total sales in 2011.
"We could see that there's a movement in the real estate market in Abu Dhabi. It's growing bigger and it's becoming more mature," Al Kindi said. "I think in the last period we're seeing more buyers from the region, from the GCC countries and expats outside the community… that's all helping the real estate market in Abu Dhabi. Saadiyat is very promising as a development and as TDIC we want to make sure that we are providing a mixed use development," he said.
The TDIC announced at Cityscape Abu Dhabi yesterday its partnership with Abu Dhabi Commercial Bank to offer 100 per cent mortgages for home purchases from TDIC's residential communities on Saadiyat, specifically the Saadiyat Beach Villas and The Residences at St Regis Saadiyat Island Resort, Abu Dhabi.
Al Kindi said the TDIC had put out a schedule to make sure it meets the deadlines.
The Louvre is the first of three museums on TDIC's schedule, due for delivery by 2015, followed by Zayed National Museum in 2016, and Guggenheim Abu Dhabi in 2017.
For information on the real estate sector, within the UAE, please visit our sister site, GNProperty.com.