Abu Dhabi: The Tourism Development and Investment Company (TDIC), a real estate company owned by the government of Abu Dhabi announced that all their projects are on track with construction activity in full swing.
Speaking to reporters at Cityscape Abu Dhabi on Tuesday, chief executive officer of the company Sufian Hassan Al Marzouqi said Mamsha Saadiyat with 241 residential apartments is 30 per cent complete whereas Jawaher Saadiyat with 83 units is 20 per cent complete.
The company’s other project Saadiyat Lagoons is in a tendering stage.
Mamsha Al Saadiyat overseeing the beachfront is close to Guggeinham, Louvre and Shaikh Zayed museums, he said.
“The project is under construction and is set to be opened in June 2018. The total investment in the project is Dh1.2 billion and has apartments ranging from one to four bedrooms with retail space for food and beverage outlets.”
Jawaher Saadiyat is a golf community project consisting of townhouses and six bedroom villas. The total investment in the project is Dh370 million and is expected to be opened in August 2018.
Al Marzouqi said the third project of the company — Lagoons — will be a mid-market housing project with prices ranging from Dh2.6 million to Dh3.9 million per unit.
More than 800 townhouses will be built as part of the Lagoons project, he said.
“We are reviewing mid-market segment as there is a high demand. That’s an area where we want to tap in like other developers. We are conducting a study on affordable housing to take up more projects.”
Speaking on Abu Dhabi’s property sector, he said it is going through correction and the outlook is positive.
“In real estate you have to go through this otherwise something is wrong. The property sector is in a correction stage and we are positive about the sector.”
On museum projects of the company, he said Guggeinham is not on hold and Louvre will be handed over to Tourism and Culture Authority of Abu Dhabi this year. He did not specify the date when Louvre would be handed over to TCA.
The real estate company also launched a premier selection of residential units across three projects on Saadiyat Island under a new flexible payment schedule on the first day of Cityscape Abu Dhabi 2017.
Potential investors and homeowners can secure their unit with a deposit of 2.5 per cent of the unit sales price for the 50 apartments available for purchase in Mamsha Al Saadiyat, the company said.
The same terms have been extended for 29 contemporary villas on sale in the Saadiyat Beach Golf Club-facing Jawaher Saadiyat, as well as more than 30 units in Saadiyat Lagoons.
