Q Properties, a unit of Abu Dhabi investment company Q Holding, has awarded a contract worth Dh1.75 billion ($476 million) to Trojan General Contracting to build phase one of the Reem Hills villa project on Al Reem Island amid a rebound in UAE’s property market.
Trojan will be responsible for constructing 218 already-sold luxury villas ranging from four to seven bedrooms and developing 3 million square feet around the project, Q Holding said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Last year, Q Properties appointed the Abu Dhabi-based Royal Development Company to manage the Dh8 billion Reem Hills project. The first phase of the project is due to be completed in December 2024.
Q Properties said Reem Hills is an integral part of its “exclusive development portfolio”, comprising several residential, commercial and retail projects currently under way. The company has a land bank of more than 30 million square metres.
The UAE’s property market has rebounded from the coronavirus pandemic on the back of government initiatives and a broader economic recovery amid higher oil prices.
In the first half of 2023, the Abu Dhabi media office reported that Abu Dhabi recorded 10,557 real estate transactions worth Dh46.33 billion, citing data from the Department of Municipalities and Transport.
The value of the deals more than doubled during the six months, while the volume of transactions, which include property sales and mortgages, rose by 41 per cent/
The emirate recorded 6,730 real estate sale and purchase transactions valued at Dh25.09 billion during the period. There were also 3,827 mortgage transactions with a total value of Dh21.24 billion.
