Phase 1 of Saadiyat Walk sells out

02.10.2014
Comprising five clusters, each approximately 250 metres long, the development will feature nine low-rise residential buildings with a total of 461 units including apartments and town houses. Despite prices starting at AED2,000 per square foot for the newly launched residential units on Saadiyat Walk, phase one of the development that was offered for sale off-plan has been sold, according to its developer, the Tourism Development & Investment Company (TDIC).
A statement released by TDIC on Wednesday said that phase one of Mamsha Al Saadiyat (Arabic for Saadiyat Walk) was sold in a special two-day event that took place on September 27 and 29. Prices for sales of a one-bedroom apartment start at AED2.5 million, and are open for purchase to residents and citizens.
Jeremy Oates, general manager of Asteco Property Management in Abu Dhabi, told Gulf News he projected further demand of the units.
“[Saadiyat] will always be seen as a prime location. Similar developments such as Saadiyat St. Regis reached close to this [AED2,000 per square foot] and we saw a strong demand for this product."
Comprising five clusters, each approximately 250 metres long, the development will feature nine low-rise residential buildings with a total of 461 units including apartments and town houses. Unit sizes will range from one- to four-bedrooms to lofts and penthouses, with a gross floor area from 106 to 454 square metres for the one to four bedroom apartments.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management