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Abu
Dhabi may have been slow to join the freehold property
bandwagon but when the emirate decided to make its mark
in the regional real estate boom, it did so not by small
or faltering steps. Instead, this capital city of the
United Arab Emirates took a giant leap forward even
putting in place new property ownership laws since last
summer.
In
fact, by introducing a new real estate law, Abu Dhabi
has set itself as a pioneer within the UAE, and is
helping to establish owning property as an investment
class. The
landmark decree in March last year allowed UAE nationals
the right to buy and sell land in Abu Dhabi after five
years of ownership. The government also established a
land registry system in the Department of Municipalities
& Agriculture. And in August 2005, a new property law
was issued whereby foreigners are allowed to buy and
sell property in specific investment areas.
Although the
property development market in Abu Dhabi is in the early
stages of development, there is no denying that the
foresight in introducing regulations has unlocked the
potential in the market.
It also goes
without saying that the Arab region is leading the way
with property development projects that surpass the
world's best with their size, scope and investment. The
governments here are aggressively diversifying their
economies, and massive investments are being channelled
into diverse sectors, particularly real estate.
The region's
massive property development potential is now no longer
a pipe dream; rather, the reality is that the public’s
appetite for real estate has been confirmed over and
again by the sell-outs each of the projects have
witnessed. And this is true for the emirate of Abu Dhabi
as well.
According to several investors and property experts,
Abu
Dhabi is the next big property market in the region. The market here is
seeing billions of dollars of investment in projects
aimed at fulfilling the housing and lifestyle needs of a
rapidly increasing, economically well-off population.
Aiding this is the projection of Abu Dhabi as a major
business and tourism hub in the coming years that will
certainly act as a catalyst in boosting the growth of
the property development sector.
It
does not come as a surprise, therefore, to know that
today, this emirate has already launched several huge
projects, and plans Dhs1 trillion, or $270 billion, in
new construction projects in the coming years. By next
year alone, the total estimated value of construction
projects to be awarded is said to be in the figure of
€10.5 billion.
There is no doubt
that Abu Dhabi’s new approach to economic development is
particularly well positioned to maximise sustainable
growth in the coming years. Yet another distinctive
advantage in its favour is the myriad inherent natural
features of the emirate.
This area was once
renowned as the world’s best pearling and fishing
grounds. But it soon paled into significance with the
discovery of oil in 1958 – the emirate holds more than
80 % of the UAE’s oil reserves and an estimated 11 % of
the entire world’s reserve.
In terms of its
landscape too, Abu Dhabi reaps the blessings of nature’s
bounty with its many offshore islands and an extensive
coastline that stretches for more than 400 kilometres.
In an age when beachfront sites are the most coveted
places to own anywhere in the world, and when there is a
global penchant for new venues and new waterfront
destinations, this emirate sure has plenty to offer
eager property enthusiasts. In the time to come, its
offshore islands
will see an incredible level of real estate activity
over the next decade - producing world class
destinations, resorts, marinas and much more.
A new waterfront
development that is making headlines and gaining
increasing attention in Abu Dhabi is the AED 223 million
project currently under construction and launched by Al
Habtoor Engineering Enterprises. With this exclusive
Waterfront Residential Development that will comprise of
236 villas or town houses, Al Habtoor Engineering is
adding yet another feather to its cap and to the Abu
Dhabi skyline.
The company bagged
this project in August 2005 and is responsible for both,
the design and the construction, of the villas for
Sheikh Mansoor Bin Zayed for which the Morganti Group is
the Project Management Company and KEO are the
Consultants.
“For long, waterfront
homes have been looked upon as not just places for
relaxation, enjoyment or family fun, but also as an
incredible investment,” says Mazen Abu Khait, Project
Director of the Waterfront Residential Development at
Officer’s City, Abu Dhabi. “By virtue of being a limited
commodity, waterfront property benefits from a demand,
which almost often exceeds the supply.”
Waterfront projects
are popular because of fresh air and hygienic living
environment with pleasant surroundings far from
congested city life with all recreational facilities, he
says. “The appeal of waterfront homes also includes the
desire to have a vacation in your own back yard, the
rental income potential, and for many, the option to
turn what may be bought as a second home into a
retirement retreat,” he adds.
This fully
residential development has a total built-up area of
1,30,306 square metres and work on the project commenced
on June 6, 2005. The scope of work includes the
construction of 236 villas including two swimming pools
for adults and two swimming pools for children, a club
house, two basket ball courts, two tennis courts, a
service building plus another staff and service
building, the external landscaping works and the
boundary wall.
The project is due
for completion on December 19, 2006 – “within a record
time of 18months or just 562 days to complete including
mobilisation,” he says.
While all the
villas will be ground plus 1 structure, there are three
types of units planned, explains Abu Khait. “These will
include 70 numbers of two-bedroom units, while there
will be 98 and 64 three-bedroom units and four-bedroom
units respectively.”
The project is
divided into five zones for ease of management purpose
and will have five project engineers, one for each zone
in order for the complete project to run simultaneously
and to be completed on time, he says. “The villas will
be divided into four zones, while the fifth zone will
consist of the Clubhouse, sports facilities including
tennis, swimming pools, ancillary building, electrical
sub-stations, mosque, external walls and infrastructure
among others.”
All villas will be
on piles foundation and a total of 3,000 piles will be
used on the project while most of the structure will
comprise pre-cast walls, slabs and staircases. “All
structural works have been completed while finishing
works are going on in full swing,” he says, adding, “The
commissioning will be done just before handing over. The
work currently underway includes substructure works,
super structure works, finishes and external works.”
Adhering to
stringent safety precautions and timely delivery of the
product has always been the mainstay of Al Habtoor
Engineering Enterprises, he opines. “Safety is a prime
concern at HEE and all measures are taken to implement
it at all our construction sites. Similarly,
productivity of resources, customer retention, quality
of service and quality of the final product and
innovation are the hallmarks of this company where
employees always come first.”
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Mazen Abu Khait, HEE Project Director |
“In the future, we would
like to see a more seamless coordination among various
construction departments while the significance of
hastening early material and drawings certainly needs to
be stressed upon,” he adds.
Considering the
size and scope of the project, HEE resorted to the use
of advanced pre-cast erection technologies to save time
and money, he explains. “Also, enhanced coordination
with different disciplines of construction works has
helped in expediting the construction work.”
Pre-cast panels,
columns, ceramic slabs, clay tiles, CI handrails, etc
form part of the materials used in the construction of
this project. Each villa has a distinguished lobby
design, gypsum board false ceilings panels, classical
ceramic patterns, kitchen cabinets and wardrobes while
what is new is the GRC exterior and the pergola
structure at the rear sides of the buildings. All homes
at the Waterfront Residential Development, a unique
modern style villa community, have maximum utilisation
of interior spaces and designer suite finishes to make
it more attractive to the buyer.
A steadily
re-sizing consumer oriented business is what makes the
future of the construction industry in Abu Dhabi very
bright, says Abu Khait, “as various projects with
diversified nature are expected to meet the requirements
of the rapidly evolving population.”
The Waterfront
Residential Development encapsulates the true experience
of waterfront living, he says. “Each resident can enjoy
spectacular views as well as all the modern amenities
like community club house, sports facilities and other
leisure arrangements to cater to the needs of the
modern, urban lifestyle.”
This property is an
attractive investment proposition for homeowners who
look for an exclusive lifestyle address. “There is no
denying that waterfront homes are a priceless experience
that entices home-owners anywhere in the world. By
offering its residents modern design elements and luxury
finishes as well as adding value to their lifestyle by
offering all the perks of waterfront living, the
Waterfront Residential Development is indeed a unique
and coveted project that promises all the trappings of
an exclusive lifestyle. | 
