By Andy Sambidge
TDIC releases limited number of land plots; says it has had 'much interest' from investors
Abu Dhabi developer Tourism Development Investment Company (TDIC) has announced the release of a limited number of commercial land plots on Saadiyat Marina District, the area which by 2014 will become home to New York University Abu Dhabi (NYUAD).
The land plots, which make up the university neighbourhood surrounding the NYUAD campus, will be developed to meet the needs of the university, the residential communities on Saadiyat, and the visitors of the island, TDIC said in a statement.
The university neighbourhood master plan includes plots allocated for different services and facilities, including retail outlets, commercial centres, entertainment facilities, educational institutions, hospitality and residential projects.
The plots range between 2,100 and 5,100 sq m and TDIC said it has received "much interest from investors" leading to the sale of eight plots to date.
The infrastructure work for the area has been contracted to UAE-based Nael and Bin Harmal Hydroexport Limited and work has already started, TDIC said.
Ahmed Al Fahim, executive director of Marketing, Communications, Sales and Leasing at TDIC, said: "The release of these commercial land plots for sale comes following the delivery and opening of a number of projects on Saadiyat which have started to shape the island, making it more attractive for interested investors.
"We have seen recently that there's been a significant improvement in Abu Dhabi's real estate market which has brought back confidence to the investment sector."
Al Fahim added: "The release of the plots on Saadiyat Marina District comes in parallel with awarding the infrastructure contract. The work has been put on the fast track to be concluded by the second quarter of 2014."
The land plots sit close to the Saadiyat Cultural District, which is set to feature world-class museums that will open on the island starting with the Louvre Abu Dhabi museum in 2015, followed by Zayed National Museum in 2016 and Guggenheim Abu Dhabi museum in 2017.