UAE property investors snap up tower units

The first section of a UAE residential tower project has sold out, registering record sales figures in the process. First Dubai Real Estate Development Company announced the results following the launch of its first residential units at Morina Residential Tower.

Under construction near the Gate of Shams, Abu Dhabi, on Al Reem Island, 25 per cent of the project has already been sold. A total of AED 136 million was paid for the first quarter, with the total value of the project at AED 400 million.

The company said it had decided to resume sales while construction continues, in order to study price trends in Abu Dhabi. Vice president of sales and marketing, Abdul Rahman Al Kandari, said:

“The project is progressing on schedule. Excavation, piling and construction works have already commenced.

“We are proud to announce this distinguished residential project, one of the most important projects in our Abu Dhabi portfolio.”

The speed of sales will be a welcome tonic to recent concerns the area’s property market could be slowing. The tower offers houses of one to three bedrooms, plus duplexes and 24-hour security. Every property comes equipped with home appliances and everyone living in a unit is guaranteed at least one balcony.

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