Reportage Properties, a leading real estate developer headquartered in Abu Dhabi, sees increasing demand in the Capital’s real estate market and that’s the reason the company is considering more projects in Al-Mariya Island, Al Reem Island and Yas Island, its top official said.
In addition, the developer is going ahead on the fast track with its existing projects in Abu Dhabi, mainly in Masdar City and Al Raha Beach.
“The company recently completed the delivery of the units at “Leonardo Residence” in Masdar City, which offers 177 apartments, including 122 studios, 48 one- bedroom apartments, 16 two- bedroom apartments and one 3- bedroom apartment, and covers a land area of 4,250 square meters,” said Islam Ahmad Sulaiman, CEO for Operations.
Sulaiman added that the project, with its unique location in Masdar city, one of the most sustainable cities in the world, provides sustainable services to the residents. He said that the project was sold and fully occupied.
Mr Sulaiman conveyed that the company is also in the process of developing “Al Waha Residence” project in Masdar City, where the construction works are on schedule, and the delivery of the units will start during the second quarter of 2021. The project offers 612 apartments, including 310 studios, 256 one-room, 44 two-room apartments and only two 3-room apartments, covering an area of 8,371 square metres.
Sulaiman said that the company’s projects in Masdar City include “The GATE” (understudy), which will provide about 420 apartments. There is also another project in Masdar City being under study. He also said that “Reportage” is interested in starting another project in Masdar City, which is one of the most important investment areas in Abu Dhabi. The company is keen to develop sustainable urban projects that provide sustainable housing solutions that contribute to the preservation of the environment and meet the objectives of sustainable development.
The CEO of “Reportage Properties” also stressed the importance of the recent law on the amendment of some articles of Law No. 19 of 2005 relating to real estate ownership in Abu Dhabi to support the real estate market and to promote activity in the investment zones in Abu Dhabi. Under the new law, non-citizens are allowed full ownership in properties. Listed companies, which do not exceed 49% of non-UAE nationals, are also allowed to own real estate projects.
Sulaiman said that the construction of their project in Al Raha Beach is in progress. The company is developing “AL RAHA LOFTS 1” which provides 164 units, including 14 studios, 96 one bedroom apartments, 31 two bedrooms apartments and 8 apartments of 3 and 4 bedrooms, covering an area of 6,663 square meters. There is also “AL RAHA LOFTS 2”, with a total of 110 apartments, including 22 studios, 52 one- bedroom apartments, 24 two- bedroom apartments and 12 three- bedroom apartments, Covering an area of 5,364 square meters.
The construction works at “AL RAHA LOFTS 1” and “AL RAHA LOFTS 2” exceed 20% and are expected to be delivered during the first half of 2021. The two projects include retail space, facilities and services such as swimming pools, jacuzzi, gym and tennis court.
The company is also considering projects in a number of key investment areas in Abu Dhabi, including Al-Mariya Island, Al Reem Island and Yas Island. Sulaiman added that the company is interested in developing quality projects and providing unique and non-traditional services to customers.
He concluded that the real estate sector in Abu Dhabi is witnessing a period of improvement in activity, amid positive signs of increased demand, especially with the launch of many initiatives and incentives to support the market.