- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
Dubai: Abu Dhabi is starting to get its fair share of upscale residential options, with Saadiyat seeing quite a few of these.
The latest one, however, comes right in the heart of the city and set right on the water’s edge. Sales have just opened for the 249 units at the decidedly upscale Fairmont Marina Residences, located close to Marina Mall in Abu Dhabi. Only UAE nationals are allowed to acquire the units, which will be ready for handover in 2016.
It is being developed at a cost of Dh1.48 billion by the National Investment Co in collaboration with Fairmont Marina Resort, which will feature 563 rooms and is also due to be completed in two years. These will also be the first Fairmont-branded residences that will be managed directly by Fairmont Raffles Hotels International (FRHI) in the UAE and the second such in the Gulf, after the Emaar Residences at The Fairmont Makkah in Saudi Arabia. (There is another Fairmont residential property on the Palm, but which is not managed by FRHI.)
Arabtec is the main contractor for the development, while Dewan Architects was the designer.
“Owners will get to place the units in the rental pool,” according to a spokesperson. “It is price on application ... it is a premium product at the best location in Abu Dhabi on the breakwater. So the price will reflect these attributes.”
According to a statement issued by National Investment Co, “We anticipate strong demand for these luxury residences which combines the best of city living and a breathtaking location. This real estate option complements our existing projects in the Breakwater area, and we look forward to working with Fairmont.”
The overall built-up area will take in around 155,000 square metres, including the extensive water frontage. The rooms themselves have quite generous formats, with a four-bedroom spanning 300 square metres, while a one-bedroom will have 100 square metres.
For FRHI Hotels & Resorts, the latest project offers a springboard to double the “number of properties, including residential options, in the region over the next five years”.
“Given the success we’ve enjoyed at Fairmont Bab Al Bahr (which opened in late 2009), we are delighted to be expanding our footprint in Abu Dhabi with a development that combines luxury residences and a five-star hotel,” said Sami Nasser, Senior Vice-President, Operations at FRHI.