Agents for Abu Dhabi's new Landmark Tower are gearing up to start leasing the city's tallest residential building.
The 72-storey property, which stands at 324 metres, was designed by the US-based Pelli Clarke Pelli Architects and is about 12 metres higher than the Sky Tower on Reem Island.
It is spread across 158,000 square metres in total and is made up of 35 floors of commercial space with the remainder comprising three and four-bedroom residential apartments. There are also restaurants and a fitness centre, along with an outdoor pool and sky garden.
"We have not priced [the units] yet but we have received a lot of interest and a lot of inquiries," said Mizian El Jammal, one of the leasing managers at Foundation Property.
Landmark Tower is located on the Abu Dhabi Corniche next to the Adia building. The handover is expected to take place in October.
"We have been edging to stability over the past couple of quarters, but rents are still going down," said one local property broker.
"Premium properties have been starting to perform a little better, but the average rates have continued to go down because of the significant supply that has come to market."
CBRE expects 45,000 new residential units to come to the market between this year and 2015. This is likely to push down rental rates even further.
The average three-bedroom apartment in Abu Dhabi costs anywhere between Dh70,000 and Dh150,000 at present, down 10 to 15 per cent since last year and 3 per cent quarter on quarter.
According to Jones Lang LaSalle, 220,000 sq metres of office space will also be available by the end of this year, which will bring the total office stock in Abu Dhabi from 2.9 million sq metres to 3.1 million sq metres.
A recent move to require government employees in Abu Dhabi to reside in the emirate has helped to support demand in the property market this year,
"The general demand in Abu Dhabi for residential units is picking up quite heavily," said Mr El Jammal. "A lot of people want to move or upgrade from where they are living now. Everyone is looking for better facilities, better views, better location. The Landmark Tower stands out because of its quality, location, prestige and high-end finishing."
thamid@thenational.ae
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