Billion-dollar realty projects on show

Cityscape Abu Dhabi, a three-day realty event, that began with 120 regional and international exhibitors witnessed major announcements on Tuesday.
Salama bint Hamdan Al-Nahyan Foundation announced its plans to build 125,000 sq m Al-Fayah Park in the center of Abu Dhabi; and 3Dimension, which is launching an Emirati-designed Green Villa concept to thousands of potential investors.
Aldar, Al-Maabar, Al-Qudra, Arabtec, Baniyas, Farglory, Hydra Properties, Manazel, Masdar, Mubadala, Tamouh and Wahat Al-Zaweya, and many other local and international realty firms have been taking part in the event.
Sheikh Hazza bin Zayed Al-Nahyan, national security adviser and vice chairman of the Executive Council of Abu Dhabi, opened the show.
Cityscape also attracted exhibitors from Kuwait, Jordan, India, Saudi Arabia, Russia, Egypt, US and UK.
Hasan Ismaik, Arabtec Holding’s managing director and CEO, said that their projects showcased at Cityscape Abu Dhabi hold a total value of AED14 billion.
“Since its launch nearly four months ago, Arabtec Properties made a strong entry into the real estate market, as it has already secured a series of high-level, major projects,” added Ismaik.
Taking center stage at Arabtec’s stand in Cityscape is a model of one of the company’s largest projects, which will see Arabtec Properties construct one million homes in Egypt for lower income Egyptian families.
The project will be developed in 13 locations in a number of governorates across the country, at a total value of AED140 billion.
Abu Dhabi-based real estate developer Al-Maabar has revealed that 50 percent of the residential units available for purchase at Al-Raha Village in Aqaba’s Marsa Zayed have been sold, demonstrating customer confidence in the Jordanian real estate market.
Al-Raha Village is the project’s first residential neighborhood, located on the southern edge of the development, and is slated for completion by the end of 2015.
Yousef Al-Nowais, managing director of Al Maabar said Jordan and the UAE are highly represented in the buyer nationality mix.
“The progress shown on the developments and the sales figures recorded indicate tangible confidence in what we are offering investors and homeowners — both here and abroad,” he said.
Abu Dhabi Real Estate Overview report by JLL, a real estate investment and advisory firm, meanwhile, says that the Abu Dhabi real estate market turned continued to show signs of growth and recovery during Q1 2014.
This optimism remains focused on the prime residential sector which witnessed increased rents and prices and near to full occupancy for high quality product.
The retail segment continues to experience growth, while the hotel and office sectors remain stabilized.