Webridge Properties starts Dh500m project on Al Maryah Island

The construction of Al Maryah Vista is expected to commence in the fourth quarter of 2019, with scheduled handovers in the first quarter of 2023

FG81FD View of new business district at Abu Dhabi Global Market square (ADGM) on Al Maryah Island in Abu Dhabi United Arab Emirates. Alamy
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Abu Dhabi real estate developer, Webridge Properties, rolled out its first residential project on Al Maryah Island in partnership with Mubadala Investment Company with a total investment of Dh500 million.

Al Maryah Vista, covering a total construction area of 89,000 square metres will feature 772 luxurious apartments including 216 studios, 112 one-bedroom apartments and 356 junior one-bedroom units. It will also have 20 two-bedroom apartments, 60 three-bedroom apartments and eight penthouses. Other amenities include landscaped gardens, a swimming pool, seven retail stores and covered parking, among others.

"We are proud to be part of the Al Maryah Island lifestyle, by offering residents a luxury getaway. Al Maryah Vista provides a unique lifestyle opportunity, delivering a wide range of designs and dimensions that capture stunning seaside views," said Nasser Al Khamis, chief executive of Webridge Properties, on Thursday.

The construction of the project is expected to commence in the fourth quarter of this year with scheduled handovers in the first quarter of 2023, the company said.

Established in 2014, Webridge Properties is an Abu Dhabi Global Market registered company and a subsidiary of Reportage Group of Companies.

The announcement of Al Maryah Vista project comes as Abu Dhabi focuses on boosting the property market with a new real estate law allowing foreigners to own freehold property in designated zones. Ownership of property within these areas were previously only allowed for UAE and GCC nationals.

Abu Dhabi's real estate sector recorded 10,000 transactions worth Dh31 billion in the first six months of this year, according to a report by the Department of Urban Planning and Municipalities earlier this month. Most transactions processed were for Reem Island, with Dh4.37bn worth of deals completed.

Last year, the Abu Dhabi government rolled out the three-year Dh50bn Ghadan 21 stimulus programme that is expected to have a positive effect on the real estate sector. Long-term visas are also being granted to investors in a move that should boost the sector across the UAE.