Hong Kong based company targets Abu Dhabi property market

Investors to Abu DhabiImage Credit: Supplied

Abu Dhabi: A Hong Kong based property development company is trying to make inroads into the UAE property market with its new development projects.

The company’s first project Reem Diamond Residence in Abu Dhabi is complete and is being leased out. It is in the process of starting its second project in Al Reem Island.

A company representative said Abu Dhabi provides good opportunities.

“The strategic vision of Abu Dhabi is in line with the group’s expansion plans. We want to be an acclaimed contractor and developer in Asia with dynamic and sustainable growth,” said Sampson Choy, Development and Commercial Manager of Smartwill Asia Limited, a subsidiary of publicly listed Chun Wo Development Holdings Limited.

He said they are continuously identifying potential development opportunities across Asia.

“In 2007, Hong Kong Trade Development Council introduced Abu Dhabi to our group, and we are amazed about the Abu Dhabi vision 2030 strategic plan issued by the government regarding the sustainable development of the urban area.”

Reem Diamond Residence developed by the company is a 10-storey sea view, low rise residential development in Al Reem Island. The building features state of the art amenities with exquisite furnishings and fittings, the company said. Facilities include personal concierge services, gymnasium and a boutique design landscaped roof deck with infinity pool, BBQ and leisure seating area.

The building has total 48 units including 25 one-bed room apartments, 18 two-bed room apartments, and five three-bedroom duplex apartments. The one-bed room units are being leased out for Dh100,000 per year, two-bed room for Dh170,000 per year and three-bedroom duplex apartments above Dh210,000 per year.

The company is preparing for its second project in Al Reem Island opposite Gate Towers.

“It will be a 25 storey building with three levels and retail and nursery area. The property market in Abu Dhabi is good. It has potential to grow,” said Sampson.

Unique developments

Sampson said that Al Reem Island is an ideal investment zone for both Emiratis and expatriates.

“It has unique developments, a mix of commercial, residential and retail space. It is planned as the destination for Abu Dhabi’s cosmopolitan population and is adjacent to Abu Dhabi downtown and also the new central business district of Al Maryah Island.”

He said that the Abu Dhabi real estate industry is growing from strength to strength with the signs of rising rental and property prices. “With Dubai’s win in hosting the World Expo 2020, it brings more accommodation demands to Abu Dhabi, which will certainly [be a] reward for our commitment and persistence in Abu Dhabi in the past years.”

Chun Wo Development Holdings has diversified business interests including real estate development, property management and security services.

“It is one of the top five construction firms in Hong Kong with footprints in different countries including China, Taiwan, Macau, Thailand, Vietnam and the UAE.”

In June, the company announced annual results for the year ending on March 31, 2014. It said the group achieved a total revenue of approximately HK$6.55 billion (Dh3.1 billion), up 34 per cent year-on-year. Net profit surged by 20 per cent year-on-year to HK$93 million, met the 10 per cent annual growth target that the Group previously set. Earnings per share rose by 12.9 per cent to HK8.95 cents.

Source: Fareed Rahman, Senior Business Reporter, gulfnews.comGN


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