x Abu Dhabi, UAESaturday 22 July 2017

Fanfare from developers with Cityscape on horizon

With a week to go before the start of Cityscape, the Middle East's biggest property show, developers made a flurry of announcements in the hope of drawing viewers to their stands.

Mohamed Alabbar, the chairman of Emaar Properties, said The Address Masai Mara in Kenya was scheduled to open next year and work on site was progressing. Pawan Singh / The National
Mohamed Alabbar, the chairman of Emaar Properties, said The Address Masai Mara in Kenya was scheduled to open next year and work on site was progressing. Pawan Singh / The National

With a week to go before the start of Cityscape, the Middle East's biggest property show, developers made a flurry of announcements in the hope of drawing viewers to their stands.

For Reem Island, one of the first free zones in Abu Dhabi, it was a significant day, with Damac, based in Dubai, announcing the completion of its 368-apartment, 24-storey Marina Bay scheme, its first project in Abu Dhabi. The developer said that more than 90 per cent of the apartments were now sold having been marketed internationally and flats were selling for more than Dh2,120 (US$577) per square foot.

Just a stone's throw away at Shams on Reem Island, the Hong Kong developer Chun Wo was yesterday topped out its Reem Diamond tower in the presence of Huang Jiemin, the Chinese ambassador to the UAE. The 10-storey scheme of just 48 flats is the company's first project in the UAE.

And in Dubai, Dubai Properties Group, part of Dubai Holding, said it would be marketing two of the 13 buildings in its Bay Square development in Business Bay at the exhibition.

Meanwhile other UAE developers were busy announcing overseas ventures.

Emaar Hospitality Group, the hotel and leisure business of Dubai developer Emaar Properties, yesterday said that it had signed a contract to operate a new The Address hotel close to the Masai Mara game reserve in south-western Kenya.

Mohamed Alabbar, the chairman of Emaar Properties, said The Address Masai Mara was scheduled to open next year and work on site was progressing.

Tasweek said that it had signed a joint venture with the luxury resort Casabrina Vacation Villas in Malaysia to develop, own, operate and market nine boutique villa hotels at the foothills of Bukit Fraser in Pahang.

The Cityscape Global show opens on Tuesday in Dubai.

lbarnard@thenational.ae