‘Raft’ of Abu Dhabi developments given planning approval to be unveiled
New projects by developers such as the Tourism Development & Investment Company (TDIC), Bloom Properties and Manazel Real Estate are set to be unveiled at Cityscape Abu Dhabi, which opened today.
The property show, which runs until Thursday, will also see details of a “raft” of new developments given detailed planning approval by the Abu Dhabi Urban Planning Council (UPC).
The Abu Dhabi government master developer TDIC is set to reveal the Saadiyat Lagoons District, a mixed-use development spanning 6 million square metres on the island. It will feature residences, parks, lakes and community facilities, TDIC said in a statement.
“We are pleased to once again be a part of Cityscape Abu Dhabi, which allows us to raise awareness about our projects while also reaching a wide range of potential investors and homeowners. This year, we anticipate a high level of interest and demand for our portfolio, which will be enhanced with the addition of our latest project, the Saadiyat Lagoons District which we are announcing during this key real estate event,” said Ali Majed Al Mansoori, TDIC’s Chairman.
One of the major talking points at the show is Abu Dhabi’s new property law. One aspect of the law requires property professionals – including developers, brokers and surveyors – to have a minimum amount of training.
The law mandates that developers set up escrow accounts when selling property off-plan, so buyers’ funds are better protected. And developers will now be subject to fines if projects are delayed beyond six months – with the funds raised used to compensate purchasers.
“TDIC has welcomed the new rules and regulations pertaining to the new property law as we see it has provided further protection for investors,” Al Mansoori said.
The UPC says a “raft of new developments that have received detailed planning approval” will be unveiled at the Cityscape show.
Developer Bloom Properties is unveiling Faya, the fourth phase of its master planned community Bloom Gardens, on the first day of the show. The phase will consist of a total of 132 homes spanning 28 four-unit clusters and four five-unit clusters. Faya is scheduled for completion in Q4 2017, Bloom said in a statement.
Manazel Real Estate, another Abu Dhabi developer, revealed that it will be launching off-plan sales of a project in Jordan called Manazel Amman, which will include around 1,600 villas and apartments.
Cityscape Abu Dhabi is being held at an uncertain time for the UAE real estate sector, given the impact of the oil-price crash on investor sentiment. The property markets in both Abu Dhabi and Dubai witnessed “subdued sales activity in 2015”, JLL said in an earlier report.
In Abu Dhabi, property sales prices were unchanged last year, while apartment rents rose by 4 percent and villa rents increased by 2 percent, according to JLL figures.