Abu Dhabi-based developer Tourism Development & Investment Copmpany is planning to build a retail mall, described as ‘elegant and exclusive’, at its 27km2 Saadiyat Island development.
A spokeswoman for the developer said: “As all our projects in our distinctive portfolio, this will be another high-end offering for residents and visitors to the island. More details on this project will be revealed in due course.”
The spokeswoman also confirmed that the second phase of the Saadiyat Beach Villas is expected to be completed in the first quarter of 2013. The second phase consists of 200 homes in low-rise apartment buildings containing between one and four bedrooms each.
The first phase contained 285 properties and have already begun to be handed over to residents.
TDIC said that it had experienced high demand across its developments in Abu Dhabi in schemes such as The Residences and The St Regis Saadiyat Island. Around 98% of the apartments available for leasing have already been snapped up, while 80% of the luxury villas have also been bought.
Around 70% of luxury apartments at its Eastern Mangroves scheme were let within a month of them coming onto the market. The second phase of that scheme – containing 60 villas – is also due to complete early next year.
The $27bn master development is also set to contain branches of both the Louvre and Guggenheim art museums, but opening dates for both were pushed back earlier this year.
Ahmed Al Fahim, executive director of sales and marketing, said: “We believe the unparalleled quality of our homes, the flexibility of our financing options and the notable efforts of our team and partners, coupled with the recent boost in Abu Dhabi’s real estate market, were all instrumental to our success.”