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Abu Dhabi’s TDIC Sells Out Phase 1 Of New Beachfront Project, Mamsha Al Saadiyat

Abu Dhabi’s TDIC Sells Out Phase 1 Of New Beachfront Project, Mamsha Al Saadiyat

The new mixed-use development is located in the Saadiyat Cultural District.

Abu Dhabi’s Tourism Development & Investment Company (TDIC) announced that phase one of its new beachfront development, Mamsha Al Saadiyat, sold out during a two-day sales launch event.

Mamsha Al Saadiyat, a 1.4km beachfront mixed-use development, is located in the Saadiyat Cultural District, and will offer residential facilities along with retail, dining and entertainment features.

It includes five clusters, each approximately 250 metres long, and will feature nine low-rise residential buildings with a total of 461 units including apartments and townhouses.

The unit sizes will range from one to four-bedrooms to lofts and penthouses, with a gross floor area from 106 to 454 square metres for the one to four-bedroom units. Penthouses will start from 1,200 square metres.

All buildings will feature ground-level retail offerings and pool terraces.

The complete project, which will be developed in phases, will also include a serviced-apartment building and a retail village offering approximately 5,000 square metres of leasable area, for both retail and dining outlets.

TDIC confirmed that the first phase, which includes 120 residential units of various sizes, was completely sold out during the two-day sales event on September 27 and 29 in Abu Dhabi.

Ahmed Al Fahim, executive director of Marketing, Communications, Sales and Leasing at TDIC, said: “We are pleased that Mamsha Al Saadiyat has garnered such strong demand, given that it is the first dedicated beachfront property on Saadiyat that will offer its residences spectacular views and easy access to the Cultural District’s world-class museums, which are set to turn the island as well as Abu Dhabi, into a hub of art and culture.”

Residents at Mamsha Al Saadiyat will have access to the upcoming museums on the island including Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi.

A new retail destination, The District, is also being developed on the island in partnership with L Real Estate (LRE).

The new development will also include health clubs, direct access to the beach, pedestrian and cycling lanes, a park and access to a pier that stretches approximately 200 metres into the sea.

“Mamsha Al Saadiyat will be the capital’s new upcoming social attraction with a vibrant community that emphasises a healthy lifestyle for all,” Al Fahim said.

Abu Dhabi has been seeing a growth in its real estate sector with 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 recent JLL report.

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