Tourism Development & Investment Company (TDIC) announces another milestone in its ambitious project, but prices at the new block do not come cheap.
Second wave of luxury Eastern Mangroves apartments go on Abu Dhabi market
ABU DHABI // Tourism Development & Investment Company (TDIC) has announced another milestone in the opening of its ambitious Eastern Mangroves project in Abu Dhabi.
The state owned company, charged with developing the capital's cultural and tourism offering, today started marketing a second phase of 77 luxury apartments next to the Eastern Mangroves Hotel on Sheikh Zayed Street to potential tenants.
But prices at the new block do not come cheap. The company said that rents at the Promenade Apartments would start from Dh95,000 for a one-bedroom apartment - and that's as part of a special pre-launch leasing rate for a limited period only.
Four bedroom penthouses in the previous phase of apartments at the scheme went on the market for a whopping Dh650,000 a year.
According to the property website Dubizzle, median rents for one bedroom apartments across the city range from Dh85,000 a year on Reem Island to Dh38,000 a year in Musaffah.
Last year TDIC opened a first phase of 50 luxury apartments at the scheme which also includes a 222-room five-star hotel and spa operated by Anantara, which opened in June 2012.
The company added that it plans to open a new retail and restaurant complex at the site in the second quarter of 2013. A 30 berth marina is also anticipated to open on the site in the coming months.
"We are expecting to receive high interest for the second residential phase as potential tenants will have a greater variety of apartments and penthouses to choose from," said Ahmed Al Fahim, executive director of marketing, communications, sales and leasing. "Tenants will enjoy stunning views of the marina, as well as easy and direct access to the soon-to-open retail complex, offering exciting venues and food and beverage outlets."
TDIC said the apartments varied in size from 102 square metres for a one-bedroom apartment to 252 square metres for a three-bedroom, while penthouses range from 878 square metres to 1,063 square metres.