x Abu Dhabi, UAEThursday 27 July 2017

Beach living up for grabs as Saadiyat developer TDIC announces apartment sale

The master developer of Saadiyat Island, Tourism Development & Investment Company, is set to start selling another 70 apartments at the second phase of its Saadiyat Beach Residences project at the end of the month.

A view of three-bedroom apartments at Saadiyat Beach Residences. Ravindranath K / The National
A view of three-bedroom apartments at Saadiyat Beach Residences. Ravindranath K / The National

The master developer of Saadiyat Island plans to start selling another 70 apartments at the second phase of its Saadiyat Beach Residences project at the end of the month.

Tourism Development & Investment Company (TDIC) said the apartments would go on sale on March 29 at prices starting from Dh1.7 million.

TDIC said that it had sold all of the first tranche of 70 similar apartments, which went on sale in September.

It added that prices would be 10 per cent higher than last year. The available units range from one bedroom to four bedrooms.

Construction on a second batch of 201 flats was completed last year, soon after TDIC sold the 285 apartments that comprised the first phase of the Saadiyat Beach Residences project to a joint venture of the US-based property investor Pramerica and Mubadala Development, Abu Dhabi’s state investment fund.

Many of the remaining 61 apartments in the second phase have been leased out, prompting speculation that TDIC could be preparing to sell them off in bulk to another investor.

Early models of Saadiyat Island put together by TDIC show original plans for six phases of apartments at Saadiyat Beach Residences. However, TDIC said that it had no plans to begin construction on any further blocks.

“The price increase is due to the popularity of this project, the quality of the materials and finishes, the location on Saadiyat Island and in Saadiyat Beach District, which has a sea view and finally the community services and amenities,” a TDIC spokesman said.

After falling by as much as 50 per cent during the global financial crisis, house prices in prime areas of Abu Dhabi have been rising rapidly.

According to the property broker JLL, house prices in Abu Dhabi rose by as much as 25 per cent last year and are predicted to rise again this year, albeit by a lower amount.

“Abu Dhabi is interesting because in the short term there is a lot of demand for housing as a lot of jobs are created to oversee the construction of the new airport, the new metro and the museums,” David Dudley, the head of JLL’s Abu Dhabi office said.

“However, these are jobs which are created for the short term and we have trouble seeing what will replace them over the longer term.”

lbarnard@thenational.ae

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