Manazel announces launch of Dh3b “Al Reef Villas’ project

Published October 11th, 2006 - 06:51 GMT

UAE property developer Manazel announced earlier this week the launch of the ‘Al Reef Villas’ project, a Dh3 billion modern housing project in Abu Dhabi involving the construction of some 2,500 villas and 1,500 residential apartment units.

 

Al Reef Villas will be located over a 10 million square foot area at Shahama road near Abu Dhabi International Airport, according to Khaleej Times. Apartment units will have 2-3 bedrooms, while villas will have 2-5 bedrooms. The complex will also include a shopping mall, schools, play grounds, and other modern amenities.

 

According to Manazel sources, the villas will be built in four categories, while the entire project will have Arabic and modern architectural themes.

Al Reef Villas “is the first freehold project outside the designated investment zones declared by the government in the capital and construction work will kick-off early next year," said Mohammed Mehana Al Qubaisi, Chairman of Manazel.

 

"We will build 1,500 apartments of 2-3 bedroom," he added. Al Qubaisi said that his company's projects aim at providing best housing facilities at affordable price range so that even lower income groups can benefit from their projects. The prices will range from Dh0.5 million to Dh1.3 million.

 

He pointed out that Manazel had purchased one square kilometer of land from Dubai-based company Hydra Properties for an undisclosed amount.

The project is set to be completed in next three years.


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