Dh1.2b Residential Project Launched in Abu Dhabi

A Dh1.2 billion residential project for middle-income professionals was launched here on Monday by the Kuwaiti developer, National Real Estate Company (NREC). The four-tower residential project — Carina Views — will be developed on Najmat Abu Dhabi on Al Reem Island. The 156,800 square metre waterfront project is NREC’s flagship development in the emirate. NREC is a leading regional real estate investment and development company that owns and manages properties and assets throughout Kuwait, the Middle East and North Africa. Carina Views is NREC’s response to the shortage of affordable housing options, as well as the bridge to the existing gap in the demand supply equation of Abu Dhabi’s residential sector. “Even with the economic crisis, accommodation requirements still need to be addressed in Abu Dhabi. We decided to enter the market and target mid-income professionals to fill a gap that was very much there,” said Khaleel I. Al Abdullah, CEO, during a Press briefing. According to Boubakar Rahmani, general manager of NREC-Abu Dhabi, Carina Views comprises 685 units with the price range of Dh1,200 to Dh1,400 per square foot.

For one-bedroom units with a floor area of between 82-103 square metre, prices are from Dh1.13-Dh1.35 million; two-bedroom units with 124-138 square metre floor area, prices are between Dh1.7-Dh1.87 million; while three-bedroom units with 225 square metre floor area ranges from Dh3.09 -Dh3.17 million. “Our target (buyers) are primarily the expats, then the professionals who has an average of Dh300,000–Dh750,000disposable income per year between husband and wife,” Rahmani said. Asked if existing prices may change to reflect the recovery of the real estate market in future, Rahmani told Khaleej times, “We will not react to sudden market prices. (Our prices) will be in line with market fundamentals and we will not deviate from these fundamentals.” Expounding on the significance of launching NREC’s flagship project at this time, Rahmani pointed out that “current interest rates and construction costs are at significantly reduced levels compared to 2008.” “We also expect that banks and finance companies will ease mortgage requirements. This is a positive move which we expect will help potential home buyers. We also expect that the Abu Dhabi authorities will bring legislation designed to regulate the real estate sector with added protection to the home buyers,” he added. Rahmani also stressed NREC’s confidence in the Abu Dhabi real estate market saying “the Abu Dhabi economy has shown robust resilience.

” He noted the Abu Dhabi economy’s forecasted four per cent growth this year compared to three per cent growth in 2009. Construction of Carina Views will start in June this year with expected delivery on September 2012. Carina Views boast several positive features, including its classic urban architecture style that will fit the taste of mid-level professionals. Its interiors will be spaciously-designed, with floor to ceiling windows, most with large balconies offering sea and city views. Standing at 22 storeys each, the four residential towers are strategically located at the entry to Reem Island approximately 300 metres from Abu Dhabi Island. The project covers a built-up area of 156,800 square metre, providing buyers with a variety of units to choose from, including one to three-bedroom apartments, two and three-bedroom duplex penthouse and eight exclusive water villas. Each tower will house state-of-the-art amenities such as fully equipped gymnasiums, community rooms, two infinity swimming pools, a children’s area and barbeque facilities. Ample and secure basement parking will be provided to all tenants. The developers have ensured the towers are surrounded by lush landscaping and elevated gardens