Abu Dhabi: About 26 per cent more gross floor area development was approved in 2015 compared to 2014 by the emirate of Abu Dhabi’s urban authority, the Abu Dhabi Urban Planning Council (UPC).
This indicates a healthy real estate market with mature developers who choose the right time to deploy major projects, said Mohammad Al Khadar, executive director for urban development and Estidama at the UPC.
“In total, 101 projects and master plans received detailed approvals from the UPC, and they span about 13.58 million square metres between then. In contrast, 65 projects and master plans were approved in 2014,” Al Khadar announced.
These approvals include 27 projects that received the go-ahead in the last quarter of 2015, two of them in Al Ain, 21 in Abu Dhabi city and four in Al Gharbia (Western Region).
“The trends for the first quarter of 2016 are similar to 2015, so we expect that the market will continue to grow this year,” the official added.
Al Khadar was speaking during a media briefing held on the first day of Cityscape. The three-day real estate show will run until Thursday.
Among the most notable master plans announced in 2015 was the Dh4.1 billion Reem Mall, which will cover 185,000 square metres. The proposed development will consist of 450 retail units, including 85 eateries, as well as what is expected to be the world’s largest indoor snow park.
“We look forward to seeing the mall become a centre of attraction, leisure and amenities. We also feel that the potential of Reem Island has been underestimated so far, and we are currently in talks to provide recommendations on how to resolve the stalled developments on the island,” Al Khadar said.
There are two other major projects for Reem Island, namely the two-tower Najmat with 574 residential units, retail outlets, swimming pools and recreational areas, as well as the Shams Meera, another two-tower mixed-use development with 408 units, a pool and children’s play area spanning 67,000 square metres.
Elsewhere, Al Fahid Island, located between Yas and Saadiyat islands, is set to be developed in five phases. Phase one has been approved, and will see residential units come up along the waterfront.
The largest masterplan approved during the fourth quarter of 2015 was the Al Khrair Emirati Housing initiative on the eastern side of Al Ain. The project will develop 3.3 million square metres of gross floor area, with 3,017 villas for Emirati families.
“The increase in the amount of development approved in 2015 vs 2014 reflects the long-term demand for quality real estate development across Abu Dhabi. We will continue to progress our Tawasul developer outreach initiative with the development community throughout 2016 to ensure our processes and policies are as efficient and effective as possible,” Al Khadar said.
A variety of projects have also been approved in the first three months of 2016, and the official said that the trend is to now develop mixed-use facilities.
The 27,550-square metre Al Jazeera Institute of Science and Technology will come up in Zayed City, which is itself set to become the seat of federal government under Abu Dhabi’s urban development strategy, Plan 2030. There will also be Al Ain Stadium, which will span 20,200 square metres, and have an adjoining four-star hotel.
On Saadiyat Island, the first phase of the Lagoons has also been approved. This will consist of 820 residential plots, including middle-income housing, as well as community facilities like mosques and schools.
The fourth phase of Al Jimi Mall in Al Ain has also been allowed to proceed, and it will cover development across 22,768 square metres.
