Abu Dhabi's Modon has sold out its new development on Hudayriyat Island, generating about Dh3 billion ($817 million) within a day of its launch on Tuesday.
The project, Bashayer, is Modon's first waterfront residential community on the island south of central Abu Dhabi.
The gated neighbourhood comprises 157 villas and 330 apartments, a clubhouse with a rooftop infinity pool, a children’s playground, several sports courts and a 3.5km waterfront promenade.
The 3,000-hectare Hudayriyat Island is being developed by Modon as part of a master plan to transform it into a sports haven.
“The rapid sell out of Bashayer reaffirms … the confidence buyers and investors continue to place in the quality of our developments,” Ibrahim Al Maghribi, chief executive of Modon Real Estate, said on Wednesday.
Real estate remains one of the key pillars of UAE's economy, as it diversifies away from oil.
Government measures such as residency permits for retired and remote workers and expansion of the 10-year golden visa programme have boosted foreign investment flows into the Emirates' property market over the past few years.
Modon, owned by the Abu Dhabi government, is boosting its strategy to cater to property demand. This year, the company generated about Dh1 billion by selling out its freehold residential project on Reem Island on the day of its launch.
It has also branched out overseas after it teamed up with Broadgate Reit, owned equally by FTSE 100-listed property developer British Land and global investor GIC, to enter London's prime real estate market.
In October, IHC and Alpha Dhabi Holding sold their holdings in Modon to L’imad, an entity of the Abu Dhabi government.
