Al Dar Real Estate company begins construction work in four new projects in Abu Dhabi
between 6 and 9 months, according to Talal al-Thiaban, CEO for Development in the company, explaining that the four projects provide about 1,000 apartment apartments, 192 hotel apartments, 2 hotels and retail areas.
The new projects include 636 housing units within the "Berggs" project, as well as the Sun Marina Project, which houses the hotel "The Beach Island of Reem Abu Dhabi", and also provides 329 apartments, and 192 hotel apartments, explaining that the third project is the addition of retail and expansion spaces in Yas Mall, and finally the project to establish the Yas Mall hotel, the al-Ittihad newspaper reported.
The start of the development of these projects comes under the recently announced investment plan of 3 billion dirhams, of which 1.1 billion dirhams were invested in four projects, including the acquisition of a guarantee building in the emirate of Abu Dhabi, the Al Jimi Mall expansion in the eye, the development of the Earth School and the rivers, while the four projects are estimated at the end of 2017 and the beginning of 2018 at about 1.9 billion dirhams.
The "Sun Marina" project will consist of four towers, including a hotel tower, two residential towers and a motel apartment tower, he said, adding that "Dar" signed an agreement in April with "Vida Hotels and Resorts," Emaar Hospitality Group ", to run the hotel, where the construction of the Vida project is scheduled to start during the current year, to be completed in 2020.
In addition to the 192 apartments for short and long stays, there are 262 rooms and suites in Al Reem Beach, and the project also includes 329 apartments with views of the marina.
The "Sun Marina" project is considered a luxury housing category, with the company's interest in providing projects suited to all groups, after the launch of the "Orange" and "Mira" projects in Reem Island middle-income.
With regard to the "The Orange" project, al-Dabi explained that the project as a whole included 6 towers providing 1272 housing units, with a value of AED 1.3 billion, but that the company started construction work initially with the three towers which he recently put up for sale, which includes 636 housing units, where the remaining three buildings are included in the rented real estate home wallet, within the asset management portfolio to promote recurrent revenue.
The second quarter of this year saw the sale of the company to the entire "orange" units for sale, worth 600 million dirhams, he added.
With regard to the "Yas Mall expansion" and "Yas Mall hotel" projects, it was explained that the expansion included the creation of new retail spaces attached to the mall for large brand