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
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
