April 22nd, 2017 by Own A Space
On Saadiyat Island, around 800 and more cheap and affordable residential units are going to be constructed for the middle income groups. This announcement was made on 18th April, 2017 at Cityscape Abu Dhabi. Tourism and Investment Development Company and the master developer of the major tourism cultural and residential places in Abu Dhabi declared the premier launch of housing units over 3 projects on Saadiyat Island under a new flexible transaction schedule.
Mamsha Al Saadiyat, a Dh 1.2 billion valued apartment’s project in the cultural district of Saadiyat will be included and also the home for the only largest assortment of cultural assets involving Zayed national museum, Manarat Al Saadiyat, Guggenheim Abu Dhabi & Louvre Abu Dhabi.
Picture Courtesy: saadiyat.ae
Jawaher Saadiyat golf course facing villas is the second project which comprises of 83 units and its estimated value is Dh 370 million. Its Lagoons townhouse is the third one consisting of 823 affordable residential units of one to three bedroom apartments. The construction work on two of the projects have already been started which are Mamsha Al Saadiyat (30% completion) and Jawaher Saadiyat (22% completion) respectively, according to CEO of TDIC. Both the projects will be completed by the year end of 2018.
The building and construction work of the mid market projects and affordable residential units will start soon and is estimated to be completed by the year 2019. The market trends have been changed and now more demand lies in the cheap residential units.
Picture Courtesy: 10design.co
The CEO of TDIC says that they have thought of constructing these cheap housing units 2 years ago so that the demand of the market can be met by them. They were of the belief that the townhouse apartments situated few meters from the New York University will serve as a benefit for many middle income group workers consisting of teachers, doctors and others. The apartments for mid market project will be on sale between Dh 2.5 million and Dh 3 million, according to him.
The developers says that the potential investors as well as the end users can benefit from the flexible payment method which allows them the security of their unit by a deposit of 2.5% on the sale price.
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