Deyaar has launched its first venture in Abu Dhabi's property market with a residential project on Reem Island. The firm has acquired three plots from Reem Developers in the Najmat project close to a hotel and a mall development with views of the Bay Centre Marina; the plots are worth around $70.3m. The plots are uniquely located with extensive views of the Bay Centre Marina on Reem Island, and are situated in close proximity to a Hotel and a massive Retail Mall project.
Nasser Al Dabal, Executive Vice President, Deyaar, said that Abu Dhabi figured on the top of the company's expansion plans. "We are on the look out for further opportunities in the capital as it is an important part of our strategy to enhance Deyaar's presence in the UAE. I am happy to say that Deyaar's careful selection of its plots is reflected in the choice of location for this project as well. The unique location of our project, combined with Deyaar's expertise in creating successful residential spaces will lead to the coming up of an iconic project."
Construction will commence by the end of the year and Deyaar is currently appointing consultants and designers.
The project is ideally situated only 300 metres from the center of Abu Dhabi, and the plots are surrounded by lush green spaces on all sides. The development will be surrounded by a retail area and walkways for residents to enjoy the Marina waterscape.
The Abu Dhabi project assumes significance as it marks an important step in Deyaar's strategy to diversify geographically. The company is currently in the process of finalizing projects and alliances across various markets including Saudi Arabia, Qatar, Kazakhstan and India.