Promising new projects light up Cityscape Abu Dhabi

The ninth edition of Cityscape Abu Dhabi has been a hotbed of activity, with major announcements unveiled .

Abu Dhabi — With 81 per cent of Abu Dhabi-based developers launching new projects at Cityscape Abu Dhabi this year, the UAE capital’s largest property show concluded on a high note.

The ninth edition of Cityscape Abu Dhabi has been a hotbed of activity, with major announcements unveiled by Abu Dhabi Urban Planning Council, Department of Municipal Affairs, Tourism Development & Investment Company, Zaya and Al Forsan Real Estate.

According to Wouter Molman, director of Cityscape Group at Informa Exhibitions, the organisers of Cityscape Abu Dhabi, said that 81 per cent of Abu Dhabi-based developers launched new projects, while 64 per cent of exhibitors showcased existing projects.

With the growing need for housing outweighing the current supply in the UAE real estate market, leading developers such as Aldar Properties and Wahat Al Zaweya have launched Emirati-only projects to cater to the high demand.

Talal Al Dhiyebi, chief development officer, Aldar Properties said: “We have launched three residential developments, two on Yas Island and one on Reem Island.  After selling out Al Merief land plots in less than a week to Emiratis, we decided to launch West Yas, which is 1,000 villas on Yas Island for UAE nationals only.

“Another trend that we are observing is that nationals from all over the UAE are very attracted by the stability of the Abu Dhabi market. The increase in job openings and overall healthy economy are directly reflected in their purchasing power.”

Further highlighting the increasing demand for housing across the UAE, Bloom Holdings has launched five new projects at Cityscape Abu Dhabi this week, all of which have proved to be a big hit with both local and regional investors.

Sameh Muhtadi, CEO of Bloom Holding, said: “We have had outstanding success for our Park View project on Saadiyat Island with Phase 1 now completely sold out.  The right product, the right location and the adequate platform such as Cityscape Abu Dhabi has ensured that we have had the perfect recipe for success.”

With JLL’s Abu Dhabi Market Overview revealing that hospitality was the standout sector this quarter, witnessing a slight growth in occupancy rates and a 12 per cent increase in room rates, hotels were also at the forefront of this year show.

Ali Eid AlMheiri, executive director at Mubadala Real Estate and Infrastructure, said: “Al Maryah Island is Abu Dhabi’s international financial centre and urban hub for hospitality, leisure and retail. Cityscape Abu Dhabi has been an important platform for us to showcase the Grade A commercial space in Abu Dhabi Global Market Square, the on island development opportunities, and the newly-launched Rosewood and Four Seasons residences.”

— haseeb@khaleejtimes.com