ABU DHABI // Plots of land on Saadiyat Island are being released for commercial use by the Tourism Development and Investment Company.
The developer of major tourism, cultural and residential destinations said it had released 38 plots situated in the Saadiyat Marina District, which will become home to New York University Abu Dhabi (NYUAD) next year.
The plots, which make up the neighbourhood surrounding the NYUAD campus, range in size from between 2,100 and 5,100 square metres.
Ahmed Al Fahim, the executive director of marketing, communications, sales and leasing at the company, said yesterday that the plots will be developed to meet the needs of the university, which will be home to about 2,600 students when it opens.
It will also serve the needs of the residential communities on Saadiyat and visitors to the island.
"The release of these commercial land plots for sale comes after the delivery and opening of a number of projects on Saadiyat, which have started to shape the island, making it more attractive for interested investors," said Mr Al Fahim.
"We have seen ... that there's been a significant improvement in Abu Dhabi's real estate market, which has brought back confidence to the investment sector. In addition, the availability of liquidity and the fact that banks are offering various attractive financing options has given us the opportunity today to introduce new investment opportunities that promise high returns."
He said the university neighbourhood plan includes plots allocated for different facilities, offering a range of investment opportunities such as retail outlets, commercial centres, entertainment facilities and residential projects. The price per plot has not yet been released.
The infrastructure work for the area has been contracted to Nael and Bin Harmal Hydroexport Limited, one of the leading national contracting companies in the UAE.
The work, which includes everything from storm sewers to telecommunications networks, has started and will be completed next year.
When finished, Saadiyat Island, which covers 27 square kilometres and is 10 minutes from central Abu Dhabi, will eventually be home to 145,000 people and will boast Guggenheim and Louvre museums, premium hotels and a retail complex.