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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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