Sales of residential property on Reem Island commence

Abu Dhabi: Abu Dhabi has begun sales of residential property to foreigners on 99-year leases on Reem Island with the launch of the Pearl of the Emirates project, the property managers said.

The estimated Dh2 billion phase one development includes 15 towers and a five-star hotel with associated facilities.

Bookings for 196 apartments in one of the towers opened on Friday and closed yesterday.

"The response was excellent with nearly 1,000 visitors coming daily. About 70 per cent of the apartments on offer have been booked," said Mahmoud Al Salhi, general manager, Profile Group of Properties, the company that owns three towers and the hotel on the island.

"There are many expatriates who have booked because this is the first residential project open to them. Some have booked more than one apartment," he told Gulf News yesterday.

While many nationals have also made bookings, expatriates who signed up included Indians, Britons, Europeans and expatriate Arabs, he said.

The Abu Dhabi government first announced plans to develop Reem Island (also called Abu Al Shuoom) in late 2004 with an investment outlay of Dh35 billion.

Situated north-east of the capital the island will be an important destination for business, tourism and education.

Reem Island is one of the designated areas for investments by foreigners.

"We will start bookings for the second tower very soon and this will provide investors more options," he said.

The first tower is slated to be ready by August 2008.

One, two and three-bedroom duplex apartments ranging in price from Dh1.9 million to Dh2.3 million were on offer.

Set up some three months ago, the Profile Group, a private property management and investment company plans to focus on developments on Reem Island.

Fact file

- Three developers are involved in the Reem Island development. They are Tamouh Investments which owns 60 per cent of the Reem Island development project, Sorouh Real Estate PJSC which is developing 20 per cent of the island project and Al Reem Investments which is also developing 20 per cent of the island.

- Both nationals and foreigners can own property on the island. There are no special conditions for ownership.

- There will be bank arrangements to provide mortgages for UAE nationals, foreign expatriates and international investors.

- Investors will get the official stamp of the Abu Dhabi government on the purchase contract.

- The island is expected to accommodate some 280,000 residents upon completion.

- The property can be owned on a 99 year leasehold, which is extendable.