Eastern Mangroves Units Are Up For Lease In Abu DhabiWednesday, August 08, 2012
Tourism Development and Investment Company (TDIC) has put forward residential units at the Eastern Mangroves for lease before handing over properties in the first phase of the development that is due in September.
There will be 48 three bedroom apartments and 2 four bedroom penthouses in the development and annual rent starts at AED 260,000. The development also includes 5 star Eastern Mangroves Hotel & Spa by Anantara, a retail complex and a marina. The site is located at a very strategic location and is only at 15 minutes drive from Abu Dhabi International Airport.
The second phase will constitute of 170 apartments across two buildings which will be offered for lease in December 2012.
According to report, TDIC is on recovery path with positive financial results in 2012 after a huge loss of AED 1.27 billion in 2011. It all happened due to exceptional sales record of TDIC’s residential properties. The company has closed sales worth AED 2.1 billion.
So far, the financial report of 2012 shows positive earning. In year 2011, the company launched several good projects including the opening of 337 room St. Regis hotel on Saadiyat Island in December, the Monte Carlo Beach Club in September and 172 rooms Westin Abu Dhabi Golf Resort and Spa.
Despite positive outlook, TDIC admitted that its Saadiyat Cultural District museum project would face delays but quality will not be compromised on any project that is expected to open in the coming years.