Tourism Development & Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, has launched the first residential development in the Saadiyat Cultural District.
Mamsha Al Saadiyat, meaning ‘Saadiyat Walk’, is a 1.4 kilometre beachfront mixed-use project and will be situated close to Saadiyat Cultural District that will house three major museums Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi.
The development will feature nine low-rise residential buildings including apartments and townhouses and will be in five clusters that are 250 metres long each.
The unit sizes in Mamsha Al Saadiyat will range from one to four-bedrooms to lofts and penthouses, with a gross floor area of between 106 to 454 square metres. All buildings will feature ground-level retail offerings and pool terraces, TDIC said in a statement.
The project, which will be developed in phases, will also comprise a serviced-apartment building and a retail village offering approximately 5,000 square metres of leasable area, for both retail and dining outlets.
Residents in the development will be able to use various health clubs, have direct access to the beach along with pedestrian and cycling lanes. Mamsha Al Saadiyat will also consist of a park that will be located at the western end of the beachfront walk, overlooking Guggenheim Abu Dhabi.
“Given its unique location neighbouring world-class museums in addition to being a beachfront development, we strongly believe that Mamsha Al Saadiyat sets itself apart from other residential developments in the region,” said Ahmed Al Fahim, executive director of marketing, communications, sales and leasing.
“It is truly a one-of-a-kind investment opportunity and will surely attract investors locally and from around the world.”
Abu Dhabi’s real estate sector is recovering rapidly with the investor interest in off-plan sales also rising.
Residential house prices in Abu Dhabi grew seven per cent during the second quarter of this year, bringing the average increase during H1 2014 to 17 per cent, according to a JLL report.
Sales prices for a two-bedroom apartment grew five per cent quarter on quarter in Q2 2014 and 28 per cent on a year-on-year basis. Meanwhile, villa prices saw a five per cent growth quarter-on-quarter in three months to June 30, while rising 27 per cent year-on-year.