Profile Group Properties, leading Abu Dhabi-based real estate company, recently inaugurated the start of construction on its twin Marina Heights towers on Al Reem Island Abu Dhabi with an onsite ceremony for the start of the towers’ concrete foundations and multi level car-parking podium.
For Abu Dhabi residents, the event marked far more than coming relief to the current undersupply of quality accommodation in the central city; importantly the Marina Heights towers are the first of the capital’s new residential projects being sold to both local and foreign homeowners to officially start construction in the emirate.
Celebrating the milestone with Profile Group Properties were representatives from the projects’ master developer Tamouh Investments, construction consortium ISZL, and a collection of local and expatriate residents who have purchased new homes in Marina Heights.
Guy Sadler, Head of Marketing for Profile Group Properties, said, “Real estate in Abu Dhabi is seeing promising growth, with investors gaining confidence in the emirate’s ability to deliver on its promises. Abu Dhabi’s market is stable, offers competitive prices not buoyed by speculation, and is rapidly coming into favor as a lucrative investment environment. The Abu Dhabi government and major developers are investing heavily in delivering key services, industries and infrastructure, the building blocks upon which a real estate market capable of delivering long term and sustainable appreciation can be built.”
“Profile Group Properties is proud to be leading the market for end-user clients. We were the first company to offer home ownership to expatriates in Abu Dhabi with the launch of our Marina Heights towers in January 2006, and now, just one year later, these same towers are the first of the new developments being sold to expatriates in Abu Dhabi to officially start construction. Substantial manpower is now onsite to ensure that work on Marina Heights progresses on schedule, and that our investors will be opening the doors to their the new homes in 2009, as expected,” Sadler added.
Marina Heights towers I and II, situated on Al Reem Island 300 m off the coast of Abu Dhabi and diametrically opposite to the Abu Dhabi mall, offer a combined 86 floors with 704 apartments and four penthouses. The luxurious towers will offer tastefully appointed amenities and a luxurious lifestyle with fully equipped gymnasiums and fitness centres, outdoor swimming pools, smart home technology, 24 hour security and high speed internet access for each apartment. All apartments have large private balconies and offer uninterrupted views of the marina and water or central park gardens with Saadiyat Island in the distance.
Al Reem Island, situated north-east of the UAE capital, is one of the designated zones for investment by foreigners, and is soon to be one of the premier residential and commercial centers in the country. The island covers over 6.5 million square metres of land, of which Tamouh Investments will develop 60 percent, Sorouh 20 percent and Reem Investments the remaining 20 percent. The Island’s master plan hosts over 200 towers, with development to be carried out in multiple phases all the way up to 2023. Al Reem will eventually accommodate over 200,000 inhabitants living and working on the island, and will host Residential, Commercial, Retail, Recreational, Cultural, Educational and Medical zones.
Profile Group Properties is actively promoting luxury waterfront property open to all nationalities on Al Reem Island. Since the company’s inception, it has pursued a customer centric work ethos valuing investor feedback at every step. “We’re proud to be playing our part in realizing the dream of so many expatriates to own their own home in Abu Dhabi, allowing them the opportunity to extend their stay in the UAE and share in the emirate’s unprecedented growth. Abu Dhabi’s “Investment Zones” now offer a range of options for expatriate home ownership offering viable alternatives to paying “dead money” each year in rent. An accessible real estate sector will allow everyone to participate in, and benefit from, the emirate’s development as a commercial and cultural centre,” concluded Sadler.
