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After a sedate first quarter, Abu Dhabi’s residential market is expected to see some fresh stock enter the market during the next few months. The first three months of the year saw the delivery of Meera TIME Residence (serviced apartments) on the Corniche and Amwaj 2 located in Al Raha Beach.
The three big projects set for completion this year include the new units of Gate Towers and Hydra Avenue on Reem Island and the second phase of Bawabat Al Sharq in Baniyas. Around 1,820 residential units will be coming to the market on Reem Island while 720 new houses will come up in Baniyas.
Reem Island was the first freehold area in Abu Dhabi which was thrown open to foreigners. It now has become a vibrant residential cluster. Along with the residential units ranging from studio apartments to opulent penthouses, Reem Island also has several commercial complexes and shopping malls including the Boutik Mall. Another mall, Reem Mall, consisting of 450 stores and 85 dining outlets, is expected to open in 2018. The area has some notable educational institutes including Repton School and Paris-Sorbonne University.
Gate Towers consists of 3,553 units including studio, one, two and three-bedroom houses as well as townhouses and penthouses. A key architectural feature of the development is it is heavily influenced by elements of the famous Stonehenge in England and Parthenon in Greece. Though several units have been already handed over and leased out, around 902 units held by the Abu Dhabi Government will be released soon.
Hydra Avenue has announced the completion of the first three multi-use towers, which is ready for handover. This will add 906 new residential units and 20,000 square feet of retail space. Hydra Avenue forms part of Reem Island’s City of Lights, a waterfront destination with residential, leisure and commercial projects.
Bawabat Al Sharq is a luxury development close to the capital’s international airport. The gated community features deluxe suites, one, two, three and four-bedroom apartments, and three to five-bedroom detached and semi-detached villas and penthouses. The area has a mall, the Bawabat Al Sharq Mall.
* Gate Towers and Hydra Avenue will add over 1,000 houses to Reem Island
* Reem Island was the first Abu Dhabi freehold area to open to foreign buyers
* Bawabat Al Sharq in Baniyas consists of apartments, villas and penthouses
Source: S. Dhar, Special to Properties
The writer is a freelancer