Developer says first phase of Al Reef 2 project is nearing completion
UAE-based developer Manazel Real Estate has announced that the first phase of its Al Reef 2 development in Al Samha, Abu Dhabi is nearing completion.
The company said in a statement that completed villas are scheduled to be handed over by the end of 2017.
Currently, 95 percent of villas are now sold with the construction project now 70 percent complete, it added.
Al Reef 2, which started development in 2016, consists of 860 duplex villas across four residential neighbourhoods with a central hub offering community facilities such schools that will accommodate approximately 1,500 students, retail outlets for shopping and dining, clinics and public parks. The retail area will host around 30 shops.
The concrete skeleton of all villas are now built and the project has been registered with the Abu Dhabi City Municipality.
"The successful sales of Al Reef 2 have contributed significantly towards Manazel’s on-going profitable growth to date," Manazel said.
Manazel’s chairman, Mohamed M Al Qubaisi, said: “Over the past year, we have been focused on accelerating construction on Al Reef 2 in order to deliver the project to our investors in a timely manner. With development of the first phase of the project being finalised, we will hand over the first phase of villas by the end of 2017."
The handover follows on from the Al Reef 1 which now houses 17,000 residents.