Q Properties has appointed Abu Dhabi-based Royal Development Company to manage Reem Hills, its recently launched Dh8 billion ($2.1bn) gated community on Reem Island.
RDC, the property management unit of business conglomerate Emirates Stallions Group, will manage the entire project, from planning to implementation, including the design management and supervision of all contractors, ESG said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
The first phase of the luxury villa project is due for completion in December 2024, said ESG, itself a subsidiary of Abu Dhabi’s International Holding Company.
The contract highlights RDC’s “continuous growth in these large-scale projects”, ESG chief executive Kayed Khoma said.
Developers in Abu Dhabi have launched a number of new projects to cater to growing demand in the capital.
Earlier this month, Aldar announced the acquisition of 6.2 million square metres of land on Saadiyat Island to develop a Dh15bn mega mixed-use project.
The integrated community will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people when complete.
Aldar also unveiled its Louvre Abu Dhabi Residences project last month, which offers views of the museum and the Arabian Gulf. It will comprise 400 apartments including studios, one, two and three-bedroom apartments as well as five penthouses.
Reem Hills, which is being developed by Q Properties, will cover an area of 1.8 million square metres and feature a man-made hill, private beach, parks, schools, mosques, a community centre and retail outlets.
The project is expected to offer “the lowest rates for service charges across the majority of real estate projects”, its developer said at the project's launch in March.
“As confidence in the UAE’s property sector builds momentum and shows strong growth, Reem Hills is a timely development to meet increasing demand,” said Majed Odeh, chief executive of Q Holding, the holding company of Q Properties.
UAE mega projects 2022
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The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images -
The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National -
The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB -
Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel -
Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National -
Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale. -
The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN -
First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National -
The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi -
The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar -
Reem Hills on Reem Island. Courtesy Q Properties -
Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada -
Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties -
Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra -
Museum of The Future lights up in Dubai. Antonie Robertson / The National -
Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam -
The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai -
Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group -
A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment -
The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National -
Jubail Island will eventually house 5,000 residents. -
SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office -
Both towers of One Zaabeel in Dubai have been topped out. -
The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton -
Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM -
Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group -
Dubai CommerCity's first phase has been launched. Reem Mohammed / The National -
Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir -
An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman -
The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam -
Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah. -
Railroad laying works for the second phase of the Etihad Rail project. Wam -
The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
Abu Dhabi registered real estate transactions worth Dh71.5bn in 2021 as the UAE’s property market continued to rebound from the coronavirus-induced slowdown.
The total number of transactions across sales and mortgage deals stood at 14,958 last year, Abu Dhabi’s Department of Municipalities and Transport said.
Yas Island topped the list of best-performing areas, with Dh4.1bn in deals, followed by Reem Island (Dh3.2bn) and Saadiyat Island (Dh2.5bn).
The market has also recorded growth this year — residential prices increased by 1.5 per cent in the 12 months to March, according to a report by property consultancy CBRE.
Average apartment prices increased 1.6 per cent in the year to March, to Dh10,904 per square metre while average villa prices rose 1.1 per cent to Dh8,850 per square metre.
New supply in Abu Dhabi “remains limited”, with less than 200 new units delivered in the first quarter of 2022, the report said.
A further 9,588 units are scheduled for delivery during the remainder of the year, mostly in Al Raha Beach, Al Maryah Island and Reem Island.
Dubai villa prices: where they are rising and falling, March 2022
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VILLA PRICES: Palm Jumeirah: Dh2,910 per square foot — up 4.8 per cent a month in March. -
Emirates Hills: Dh2,023 per square foot — up 2.9 per cent a month. Photo: Knight Frank -
Jumeirah: Dh1,935 per square foot — up 4.8 per cent a month. Sarah Dea / The National -
District One: Dh1,841 per square foot — up 3.8 per cent a month. Satish Kumar / The National -
Mohammed bin Rashid City: Dh1,502 per square foot — up 0.2 per cent a month. -
Dubai Hills: Dh1,426 per square foot — up 0.8 per cent a month. Photo: Emaar Malls Management -
The Meadows: Dh1,447 per square foot — up 2.7 per cent a month. Jeffrey E Biteng / The National -
The Lakes: Dh1,408 per square foot — up 2.6 per cent a month. Pawan Singh / The National -
Jumeirah Islands: Dh1,418 per square foot — up 3.8 per cent a month. Photo: Prestige Dubai -
Jumeirah Golf Estates: Dh1,298 per square foot — up 2.9 per cent a month. Pawan Singh / The National -
The Springs and The Meadows: Dh1,123 per square foot — down 1.8 per cent a month. Photo: Better Homes -
Arabian Ranches: Dh1,153 per square foot — up 1.1 per cent a month. Pawan Singh / The National -
Meydan City: Dh1,147 per square foot — up 1.2 per cent a month. -
Al Barari: Dh1,092 per square foot — down 2.6 per cent a month. Photo: Luxhabitat -
Jumeirah Park: Dh1,090 per square foot — down 2 per cent a month. Pawan Singh / The National -
Victory Heights: Dh1,089 per square foot — down 2.0 per cent a month. Photo: Luxhabitat -
Mudon: Dh982 per square foot — up 1.9 per cent a month. Satish Kumar / The National -
Jumeirah Village Triangle: Dh937 per square foot — down 2.5 per cent a month. Pawan Singh / The National -
Sustainable City: Dh943 per square foot — down 0.4 per cent a month. Antonie Robertson / The National -
Town Square: Dh802 per square foot — up 1.4 per cent a month. Satish Kumar / The National -
Living Legends: Dh787 per square foot — up 2.3 per cent a month. Pawan Singh / The National -
Jumeirah Village Circle: Dh605 per square foot — no change. Antonie Robertson / The National -
Falconcity of Wonders: Dh731 per square foot — up 0.2 per cent a month. Sarah Dea / The National -
Akoya Oxygen: Dh585 per square foot — down 0.2 per cent a month. Photo: Allsopp & Allsopp
