By Parag Deulgaonkar
Tourism Development and Investment Company to review its mid-income housing plan
Abu Dhabi's Tourism Development and Investment Company (TDIC) is reviewing its mid-income housing strategy and may look into getting into affordable housing segment on Saadiyat Island, according to its chief executive officer.
“Other developers are considering that mid-market segment and we are also reviewing our mid-market strategy,” Sufian Hasan Al Marzooqi told Arabian Business, referring to Saadiyat Island.
The announcement comes after Aldar Properties announced The Bridges, a six-tower mid-income housing project, on Al Reem Island.
Al Marzooqi also revealed their plans to conduct a feasibility study on affordable housing.
“We will are going to commence a study on the affordable housing market and will decide our strategy thereafter,” he added.
TDIC is currently building three residential projects – $327 million (AED1.2 billion) Mamsha Al Saadiyat and $101 million (AED370m) Jawaher Saadiyat golf villas on Saadiyat Cultural District, and a townhouse development on the Saadiyat Lagoons District.
Construction work on Mamsha Al Saadiyat and Jawaher Saadiyat are 30 and 22 percent complete and are expected to be completed by end-2018.
The mid-market projects are priced between AED2.5 million and AED3 million.