Developer Tamouh will hand over 3,446 units at the Dh6 billion first phase of the Marina Square project on Al Reem Island to investors in May, Managing Director Joe Ong said yesterday.
He told Emirates Business that Tamouh faced no liquidity problems and had sufficient funds to complete its projects, which include the City of Lights, Dolphin Island and Dana. He said several banks including First Gulf Bank, financed Tamouh's projects.
"The global financial crisis has affected all big companies and projects across the world including Tamouh, but the company managed to secure liquidity needed for its projects," he added.
He said Tamouh was working round the clock to complete the second phase of Marina Square, which will include a Dh800 million five-star hotel with more than 700 rooms and apartments and the Paragon Bay shopping mall. This phase is expected to be completed in September 2011. The towers, to be handed over in May, would ease the shortage in housing units in Abu Dhabi, said Ong.
Asked when a balance would be achieved between supply and demand in the capital's residential market, he said: "There is no precise data about the gap, but it is expected that 16,000 housing units will be added in Abu Dhabi over the next five years.
"If Abu Dhabi's population growth comes to a halt the gap will be closed in between three and five years. But I think the population will continue to grow because the government is launching new projects that attract manpower. So, the gap will remain."