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Nine new multi-storey residential properties in the pipeline for Saadiyat Island

The skyline at Abu Dhabi’s Saadiyat Island is set to become more crowded as its master developer Tourism Development and Investment Company looks to add multi-storey residential properties to the island.

TDIC is seeking pre-qualification bids ahead of a tender for construction work on nine multistory buildings on three plots of land spread over 61,000 square metres.

The buildings will have underground car park facilities.

Under the current bid, the companies have the scope to do structural, architectural, plumbing and electrical works, besides landscaping.

TDIC declined to comment, but said the project will be announced before the end of the year.

While it was not clear where the buildings will be located, Saadiyat Island is being developed under seven districts. The cultural district under development will include three museums, while the marina will feature apartments, luxury hotels and commercial spaces. A beach area with five-star hotels and resorts, Saadiyat promenade, Saadiyat Lagoons and Saadiyat Reserve, with wetlands and mangroves complete the island.

Residential components, which are for sale and lease on the island, also include the Residences at The St Regis Saadiyat Island Resort with 32 villas, 259 apartments and five penthouses overlooking the Saadiyat Beach Golf Club. The Saadiyat Beach Residences include 495 one- to four-bedroom units in six low-rise buildings. The Saadiyat Beach Villas include three- to six-bedroom units in the Saadiyat Beach District.

The Residences at the St Regis Saadiyat Island Resort have units starting at Dh1.9 million on property websites while the Saadiyat Beach Villas were going for around Dh6m.

Wile the total value of the multi-story residential project for which bids are being sought was not known, the average carrying value of land was around Dh109 per square foot.

The fair value of the Saadiyat Island land was Dh17.67 billion and the carrying amount was Dh12.30bn, according to TDIC’s annual report for last year.

In March, TDIC entered into a freehold development sale and purchase agreement for the sale of a beach plot in Saadiyat Island. It could be used for the development of a hotel and branded residential units. The carrying value of the plot at the end of last year was Dh88m and the agreed selling price was Dh300m.

ssahoo@thenational.ae



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