Abu Dhabi’s Tourism Development and Investment Company (TDIC) has said that construction of the third phase of Saadiyat Beach Villas is on track for completion in June.
The third phase consists of 77 four and five-bedroom villas, covering 4,833 sq ft and 5,834 sq ft respectively.
“Once completed, the total number of residences within this lively villa-based community will grow to 428 units,” said Ahmad Al Fahim, executive director of marketing, communications, sales & leasing at TDIC.
“These 77 villas, which were sold within short time from their launch, reflect the continued demand and interest TDIC receives in the real estate market today. We will continue to meet this demand through additional developments, such as Mamsha Al Saadiyat, which was launched in September of last year and which is the first residential community to be based in the Cultural District.”
The first phase of Mamsha Al Saadiyat, a 1.4 kilometre beachfront mixed-use development with apartments and townhouses, had sold out according to TDIC last year.
Earlier this month the government-owned development company was hoping to sell the final building of its six-block Saadiyat Beach Residences housing complex to an investor.
According to real estate firm Asteco, apartments at Saadiyat Beach Residences currently sell for between Dh1,400 and Dh1,500 per sq ft, while a one-bedroom flat there rents at between Dh120,000 and Dh135,000 a year.
Saadiyat Beach Villas cuurently rent for about Dh295,000 for a three-bed, Dh400,000 for a four-bed and Dh600,000 for a five-bed.