Construction

Masaood Developments launches waterfront apartment complex

Azure Al Reem ‘easy to own payment plan’ will encourage young professionals to buy Abu Dhabi real estate, says Masaood

Masaood Developments, a part of Abu Dhabi-based Al Masaood Group has announced the launch of Azure Al Reem – a waterfront apartment complex on Al Reem island, Abu Dhabi. The property will be available for foreign freehold ownership, following the recent legislative changes in Abu Dhabi.

The Azure Al Reem project is said to introduce the concept of home ownership to a new audience through a ‘unique and flexible easy to own affordable payment plan’.

According to a statement from the company, Azure Al Reem offers property with deposits of only $13,610  or $19,054 and flexible monthly, quarterly or annual installment options over 15 years, aimed at encouraging professional to invest in real estate in Abu Dhabi.

The apartment complex will have 339 units across 29 floors, split into 226 one- and 113 two-bedroom houses with balconies and panoramic waterfront views. Additional amenities such as a high-end gym, an infinity pool, a children’s pool and play area, a sauna, a large electric BBQ area, a 24-hour concierge on-site shops, cafes, and car/bicycle parking facilities are also available.

Ziad Abou Nasr, Manager of Masaood Developments said: “Traditionally, it has taken many years for people to save for the necessary large down payments demanded by other developers or for bank mortgages. We have chosen to create a way of enabling a whole new market, allow individuals to stop renting and realise the dream of owning their own home.”

Observing the relaxed payment plan, Edward Carnegy, head of Abu Dhabi for Savills said: “Affordability and innovative payment options are very important to the residential property market in Abu Dhabi.”

“We believe this new development is totally unique with its high quality offering and its affordability. It meets the real demand from the communities in the heart of our city, empowering millennials to switch from renting to owning.”

The developer added that the project is ‘ready to move in’, with potentially eight weeks between initial discussions and moving in to the newly owned property. Moreover, the payment plan allows for flexi payments made directly to the firm through direct debit, cheque or credit card and does not require a bank loan, it stated.

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