Property giants packed their project models and drawings after striking massive deals at the end of a four-day real estate show in Abu Dhabi on Saturday.
Some of them unveiled new projects, while others said they are storming into foreign markets to build on the tremendous success in their multi-billion dirham investments in the UAE’s lucrative property market.
“We have finalised huge deals during the four days of the show,” said Elie Tahchi, sales manager at Tameer, one of the largest property developers in the UAE. “Other main exhibitors also reported large transactions. Such deals had been expected because the property market is growing very fast.”
Besides other large real estate ventures, Tameer chose the Abu Dhabi Property and Investment Exhibition as a springboard to unveil its latest project – The Gate. The project is located on the fast growing Abu Dhabi Reem Island, which has so far attracted in excess of Dh100 billion into the real estate and construction sectors.
Tameer has not yet published details of The Gate but Tahchi said it would include four large office and residential towers as high as 40-50 levels each. “This is our latest project… we have not yet released details as we have not launched it yet. Once it is launched, we will announce its details,” he said.
Tahchi listed several other projects, which he said could cost more than Dh15bn. The figure does not include Tameer’s projects outside the UAE. “We are also carrying out projects in other countries, including Madinat Al Majd in Al Zarqa, Jordan, and other developments in Syria, Morocco, Saudi Arabia, India and the United Kingdom,” he said.
He said Madinat Al Majd spreads more than two million square metres and will include 18,500 housing units. It will be completed by the end of 2015.
In the UAE, Tameer’s properties involve the 100-level Princess Tower, the Elite Residence, The Regal Tower, and the Palace Tower in Dubai, and the 121-metre Platinum Towers in Business Bay, Dubai. They also include Tameer Towers on Reem Island, Al Salam City in Umm Al Quwain and Al Ameera Village in Ajman.
Other major projects displayed at the Abu Dhabi show, which attracted more than 80 real estate developers, included Ain Al Fayda, which will be built near Jebel Hafeet in the oasis city of Al Ain. Work on the multi-billion project is expected to be launched this year and its five phases will be completed in nearly 18 years.
“We are currently working on the masterplan and construction is expected to start this year,” said a source at Al Qudra Real Estate, which is carrying out the project. “It will accommodate more than 100,000 people as its area is around 24 square kilometres, nearly 75 per cent of Umm Al Quwain’s area.”
Hundreds of thousands of trees will be planted inside and around the city, which owners expect to be a major rehabilitation centre and a pollution-free town.
“It will be a combination of houses, villas, buildings, offices, shopping malls and recreation facilities. Sale has already started and there is a strong demand from citizens. As for foreigners, we are awaiting a government decision on whether to allow foreigners to own property in that city,” the source said.
Aldar nets Dh600m
Abu Dhabi-based international property developer Aldar Properties touched Dh600 million in sales this week at the fourth annual Abu Dhabi Real Estate and Investments Show, with the launch of the first phase of the Al Zeina project. Sales income also came from Al Muneera, another of Aldar’s developments.
The Al Zeina project is the gateway to Aldar’s Al Raha Beach development. It is a self-sustainable mixed-use community, incorporating a light railway and canals as alternative transport methods to explore the many retail, shopping or residential districts in the development, said Aldar.
Abu Dhabi realty expo sees big deals