The first residents on Abu Dhabi’s Reem Island megaproject, which will eventually be home to 200,000 people, will be able to move in in August, according to a senior official at master developer Tamouh.
“Delivery of the Marina Square project to institutional investors will start in May, and we are expecting units to be ready for residents after a four-month period,” Tamouh director of sales and marketing Samia Bouazza told Arabian Business at the Cityscape Abu Dhabi event on Monday.
“This is the first part of the Reem Island project to be delivered, and will include thirteen residential buildings and an office tower.”
Bouazza confirmed that infrastructure work on the second phase of the project – the City of Lights – had begun and that delivery was scheduled to take place between 2012-3.
The full development of Reem Island, which is about 6.2m sqaure metres, will take between ten and fifteen years.
“In addition, the Mina Zayed mixed-used project – which consists of four buildings – is more than 50 percent complete,” the Tamouh director added.
While all the Marina Square units have been sold off to investors, Tamouh is still unsure as to the demand from end-users.
However, Bouazza said that the firm’s new Three60 management outfit will work with investors to match potential buyers to demand and should provide an indication as to how well the project is selling in “a couple of months”.
