First Phase of the Dar Al-Dhabi Project sold out in the first hour at Cityscape Abu Dhabi Total sales reach AED 1.55 billion

Published May 15th, 2008 - 07:10 GMT

After debuting the first phase of the Dar Al-Dhabi Project at Cityscape Abu Dhabi, Dar Al-Dhabi Real Estate and their sales and marketing agent, PURE Real Estate, announced that all their units have been sold out on the first hour. The total sales reached AED 1.55 billion which is much higher than initially projected in the PPM.

"The excellent response we received from local, regional and international investors is a true testament of the superior investment potential of Dar Al-Dhabi Project. On a grander scale, this proves that Abu Dhabi is fast becoming a focal point of property development and a hotspot for key real estate investments,” said Abdulwahab F. Al-Ameer, VP Chairman of Dar Al-Dhabi Holding.

Dar Al-Dhabi Project occupies five plots on Al Reem Island and strategically situated on the only marina in the Najmat Abu Dhabi development, 300 metres off the coast of Abu Dhabi. The project covers a gross construction area of 5 million square feet with a total cost estimated at AED 6 billion.

Al-Ameer added that he expects that “prices for both commercial and residential properties will improve in the very near future following the consistently good showing of the real estate market in Abu Dhabi."

The groundbreaking project includes two 35-storey residential buildings (Al-Sharq Tower 1 and Al-Sharq Tower 2), a 7-storey residential building (Al-Seef Residential), and a 7-storey commercial building (Al-Seef Commercial) in addition to the two 300 metere high ‘Iconic’ towers, that promise to redefine the skyline of Abu Dhabi while serving commercial, residential and retail purposes. Exemplifying international standards in architecture and services by commissioning top architects and employing state-of-the-art technology, the development is targeted to become a landmark the Al Reem Island.

Dar Al-Dhabi Project offers the comfort of a modern waterfront lifestyle, proximity to 5-star hotels and a diverse range of leisure and entertainment amenities. “The success of Dar Al-Dhabi Project proves that discerning investors are always on the lookout for the most superior property investments. By bringing together the best of the best, we have realized our vision of creating excellent investment opportunities for our clients, supporting the long-term economic development of Abu Dhabi and offering sustainable benefits for our community,” said Saeed Ghanim, Chairman of PURE Real Estate.

In addition to its premium location on the marina, Dar Al-Dhabi Project is the only development that will have two adjacent ‘Iconic’ towers—one residential and another commercial, including a shopping mall in the podium. The multi-functional space and special facilities are set to meet the various specialized needs of its residents. After the re-planning exercises of Al Reem Island, Dar Al-Dhabi’s ‘Iconic’ towers will be the largest single plot of its kind on the island.

The ‘Iconic’ towers will be launched at Cityscape Dubai 2008 but pre-registration will be welcomed during Cityscape Abu Dhabi.


About Dar Al-Dhabi Real Estate
Established in 2007, Dar Al-Dhabi Real Estate Company is a Kuwaiti shareholding closed company whose core objective is to invest in diverse real estate opportunities in the Middle East region. Its pioneer investment is the Dar Al-Dhabi Project, a 5 plot development strategically located within the Najmat Abu Dhabi Development on Al Reem Island in Abu Dhabi.
As a forward-looking company, their vision is to establish solid business network and operations in the UAE through landmark development projects to ensure high returns for their investors. Ultimately, Dar Al-Dhabi Real Estate aims to expand their reach to cover the international real estate market.
Dar Al-Dhabi Real Estate operates in compliance with the Islamic regulations of “Shari’ah”.
Please visit the official website for additional information, www.daraldhabi-holding.com.

About PURE Real Estate
PURE Real Estate is an investment company that specialises in providing a broad array of world class, tailored real estate investment strategies. With local and international experience, they utilize a client-focused philosophy and the highest standards of commercial analysis.
As an end-to-end real estate company, PURE Real Estate offers a comprehensive range of advisory and management services from construction and project management to design development and sales and marketing. Servicing clients operating in the UAE and internationally, they offer both internal and offshore real estate investment solutions.
Please visit the official website for additional information, www.pureuae.com.

 

 


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