Abu Dhabi, 4/14/2013 11:00:00 AM - Tourism Development Investment Company, the master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced today the release of a limited number of commercial land plots on Saadiyat Marina District, the area which by 2014 will become home to New York University Abu Dhabi (NYUAD), providing another excellent investment opportunity on Saadiyat.
The land plots, which make up the university neighbourhood surrounding the NYUAD campus, will be developed to meet the needs of the university, the residential communities on Saadiyat, and the visitors of the island. The area will soon come to life as the university starts buzzing with students - an expected 2,600 students on the university's premises. The university neighbourhood master plan includes plots allocated for different services and facilities, thus offering investors a wide range of investment opportunities such as, retail outlets, commercial centres, entertainment facilities, educational institutions, hospitality and residential projects and many others.
The infrastructure work for the area has been contracted to Nael and Bin Harmal Hydroexport Limited, one of the leading national contracting companies in the UAE. The infrastructure and utilities work, which includes everything from storm and sanitary sewers to telecommunications duct networks, has already started.
Ahmed Al Fahim, Executive Director of Marketing, Communications, Sales and Leasing at TDIC, stated: "The release of these commercial land plots for sale comes following the delivery and opening of a number of projects on Saadiyat which have started to shape the island, making it more attractive for interested investors. We have seen recently that there's been a significant improvement in Abu Dhabi's real estate market which has brought back confidence to the investment sector. In addition, the availability of liquidity and the fact that banks offering various attractive financing options has given us the opportunity today to introduce new investment opportunities that promise high returns."
"The release of the plots on Saadiyat Marina District today comes in parallel with awarding the infrastructure contract. The work has been put on the fast track to be concluded by the second quarter of 2014," Al Fahim added.
The plots range between 2,100 and 5,100 square metres. Prior to the official launch of the plots, TDIC had received much interest from investors leading to the sale of eight plots to date, with their design concepts now being submitted by the developers. To ensure the smooth development of the area around the campus, TDIC has set specific guidelines for investors to abide by such as providing a timetable for carrying out their construction work.
The land plots sit in close proximity to the Saadiyat Cultural District, which is set to become an internationally renowned cultural hub featuring premier institutions designed by Pritzker-prize winning architects, and which are unprecedented in scale and scope. These feature world-class museums that will open on the island starting with the Louvre Abu Dhabi museum in 2015, followed by Zayed National Museum in 2016 and Guggenheim Abu Dhabi museum in 2017.
Saadiyat has become the ultimate tourism hotspot with the launch of various exciting hospitality, educational and cultural projects, which have helped to secure the island's appeal as an inviting destination for residents and visitors. These include the region's first championship beachfront golf course, Saadiyat Beach Golf Club, and the world's first Monte-Carlo Beach Club outside of Monaco, in addition to The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi all are set on one of the most pristine beaches the UAE has to offer, making Saadiyat a very appealing living address.
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