The Hong-Kong listed contractor and developer Chun Wo Holdings has handed over its first residential project on Abu Dhabi's Reem Island.

The company said it had completed Reem Diamond, a 10-storey development that features one- bedroom apartments to three-bedroom duplexes. At the very top of the building is an infinity sky pool.

Chun Wo is one of the largest construction and development companies in East Asia.

The delivery of units come amid a rise in values for property located on Al Reem Island.

“Confidence levels have improved as prices in neighbouring Dubai have increased steadily since early 2012,” Asteco said in a recent report. “Asking prices in Abu Dhabi have risen rapidly during the last few months as distressed sellers exited the market and specific developments were faced with good demand levels.”

In November, the company announced that it planned to develop “Le Cube”, a 30-storey, 200,000 square foot development as it was making headway on Reem Diamond.

Chun Wo’s spending in the emirate comes as it moves its focus away from mainland China as a result of government measures in China to cool off the property market.

“The Abu Dhabi real estate industry is going from strength to strength,” said Anthony Poon, the director of property development at Chun Wo Development Holdings.Over the past 15 years, Chun Wo has created and managed developments in Hong Kong, the People’s Republic of China and Vietnam. In 2007, it started operations in Abu Dhabi.

halsayegh@thenational.ae