Property in Dubai
Marina Square first phase units to be handed over in May
Real Estate Developer, Tamouh, will handover 3,446 units to investors, which forms the first phase of Dh.6bn of the Marina Square project at the Al Reem Island, confirmed Joe Ong, the Companys Managing Director.
Tamouh agreed that the company did not face any liquidity problems, and had enough funds to complete its projects, including the City of Lights, Dolphin Island and Dana, financed by several banks, including the First Gulf Bank.
The global financial crunch has affected several major companies and projects across the world, and Tamouh is no exception, but the Company managed to secure liquidity required for its projects, Ong said. Tamouh has been working round the clock for completion of the second phase of Marina Square, which includes a Dh.800mn five-star hotel with more than 700 rooms and apartments, and the Paragon Bay shopping mall.
The second phase is likely to be ready in September 2011. However, the first phase units, to be handed over this May, are hoped to ease the housing shortage in Abu Dhabi, he said.
According to Ong, although there are no accurate data available to predict a supply-demand balance in the Capital’s residential market, it is likely that 16,000 housing units will enter the market within next five years. However, with the population in Abu Dhabi continuing to grow with new projects launched by the government, the demand-supply gap will remain, Ong concluded.
Posted on 31/3/2010