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Dubai: Tourism Development and Investment Company (TDIC) has entered Abu Dhabi's residential real estate business with the opening of expressions of interest for the first phase of Saadiyat Beach Residences.
Expressions of interest are being taken for the first of seven secure coastal neighbourhoods, which will be built around the Saadiyat Beach Golf Course - the Gulf's only 'ocean' course with several beachfront holes, designed by the golfing legend Gary Player.
"This is the beginning of a dynamic chapter in TDIC's history," said Mubarak Al Muhairi, managing director of TDIC.
"It also represents a major milestone in the development of Saadiyat Island."
The limited Phase One release comprises a range of investment opportunities in three to seven bed-room villas and town-houses.
Some of the villas will have their own gym, elevator, swimming pool and movie theatre.
UAE and Gulf investors will be offered homes on a freehold basis with expatriates qualifying for 99-year leases.
"TDIC will bring to the residential segment the same level of commitment to world-class quality, environmental stewardship and respect for local cultural sensitivities that it is now synonymous with on the global cultural and leisure landscapes," said Lee Tabler, chief executive of TDIC.
Each Saadiyat Beach residential neighbourhood will have its own park, community facilities, including a 25-metre swimming pool, a supermarket, cafes, restaurants and beauty salons, access to active marinas and a larger community park. Residents will also qualify for membership of a private beach club.
High returns
"This is a premium development. It will be a premium address, which will command premium pricing with anticipated premium returns," said Tabler.
Saadiyat Beach is a one-of-a-kind district with nine kilometres of uninterrupted white sand beach where nine five-star resorts, managed by some of the world's top hospitality brands, are planned.
Saadiyat Island's connectivity to the UAE capital and the main airport will also boost its investment appeal.
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