TDIC forecasts more leasing and construction activities

Abu Dhabi’s Tourism Development and Investment Company, or TDIC, is gearing up for leasing and construction activities in the third quarter, a senior official said.

By Haseeb Haider (INTERVIEW)

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Published: Mon 26 Aug 2013, 1:01 AM

Last updated: Tue 7 Apr 2015, 7:50 PM

The government-owned TDIC — which is building three world-class cultural sites like Louvre Abu Dhabi and Guggunhiem Museum to attract high-end tourism in Abu Dhabi’s cultural district being built on capital’s backyard, Saadiyat Island — has built hundreds of luxury residential units, apart from commercial, hospitality and educational projects in line with Abu Dhabi Vision 2030.

“The first half of 2013 has been very busy for the TDIC as we witnessed outstanding achievements through the launching and delivering of a number of prestigious hospitality, residential and educational properties across Abu Dhabi city, in the Western Region and on Saadiyat Island. These include a recently launched villa resort, luxury suites, residential villas and apartments,” Ahmed Al Fahim, executive director of marketing, communications, sales and leasing at the TDIC, told Khaleej Times in an interview.

The TDIC has seen increasing demand from investors and tourists for Saadiyat and its sophisticated developments, renowned brands and premium-quality projects, which have become unique selling points in today’s competitive real estate market landscape.

There will be 77 units at Saadiyat Beach Villas to be delivered by the fourth quarter of 2015. — Supplied photo

This year has been quite successful across the board for the company’s residential projects, as it has exceeded expectations while delivering distinctive properties, for sale or lease that are attractive to a wide range of homeowners and tenants.

“We continue to receive great feedback and increased interest for the wide range of residential and hospitality offerings within our distinctive portfolio,” Al Fahim said.

“We believe that the unparalleled quality of our homes, the flexibility of our financing options, and the notable efforts of our team and partners, coupled with the recent boost in Abu Dhabi’s real estate market, were all instrumental to our success.”

Referring to The Residences at The St Regis Saadiyat Island Resort, he said the project is fully leased out its apartments dedicated for leasing, while the Saadiyat Beach Residences’ first phase leased more than 90 per cent of its high-end apartments to date.

The second phase of the Saadiyat Beach Residences — consisting of 210 residences of one- to four-bedroom apartments on Saadiyat Beach — is well underway to be completed by the third quarter of 2013. Those residences are set across six low-rise apartment buildings situated in a private gated community comprising 495 residences.

“We already started to receive booking for lease in one of the buildings,” he said.

On the Saadiyat Beach Villas, Al Fahim said: “The TDIC released for sale its third phase — a total of 77 villas to be delivered by the fourth quarter of 2015. At this stage, more than 80 per cent already sold.”

This announcement came following the great success of the delivery and sale of the first two phases of the Saadiyat Beach Villas project, taking the total number of villas from 344 to 421 units, he said.

“Construction of the third phase is scheduled to start during the third quarter of 2013, with new units available for purchase off-plan. This new batch of exclusive, stand-alone homes will come in Mediterranean-standard style and will be available in four- and five-bedroom sizes,” he said.

The built-up area for a standard four-bedroom villa will be 449sqm, while a five-bedroom villa will be 542sqm. The Mediterranean-style villas also feature outdoor terraces, stone veneers and detailed balcony railings.

The TDIC is working with an alliance of key banks to offer financing options for prospective homeowners. These include Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Al Hilal Bank, Abu Dhabi Finance, Mashreq and Standard Chartered Bank. The option’s terms include an interest rate starting at 4.5 per cent fixed for a limited period, finance of up to 85 per cent from property value and loan repayment duration of up to 30 years.

In Abu Dhabi city, the Eastern Mangroves Apartments at the Eastern Mangroves development saw successful leasing of its first phase of residences. The apartment project consists of 77 spacious apartments offering the exclusivity of resort-style living, with the convenience of a prime city location.

The TDIC has appointed Jannah Hotels and Resorts, a UAE-based hospitality management company, to operate the Eastern Mangroves Suites, comprising 88 luxury units, which will open this September.


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