Construction

Work to begin on Reem Hills villas in September

By Pramod Kumar

August 29, 2023, 6:21 AM

Trojan will construct the entirely sold-out 218 luxury villas and develop three million sq ft of built-up area

Q Properties, a real estate development subsidiary of Abu Dhabi-listed Q Holding, has awarded an AED1.76 billion ($479.17 million) construction contract for the first phase of Reem Hills villas on Abu Dhabi’s Al Reem Island.

UAE-based Trojan General Contracting will build the 218 luxury villas and develop the three million sq ft of built-up area.

Work will begin on the first phase in September, Mohammed Mahmoud, CEO of Trojan General Contracting, said.

The third and final phase of Reem Hills apartments will be launched soon.

Q Properties’ land bank exceeds 30,000,000 sq m in the UAE.

Demand for residential property in Abu Dhabi is rising, driven by ongoing population growth and an economic resurgence following the pandemic.

The value of residential transactions across the emirate rose by 8.5 percent year-on-year in 2022. The number of deals increased by more than 27 percent, according to a report by Knight Frank.

House prices for freehold residential areas also increased by 1.2 percent year-on-year on average in the first quarter of this year to AED964 per sq ft.

In July, Abu Dhabi real estate saw a record 363 percent rise to AED834.6 million in purchases by foreign buyers in the first half of 2023, according to the emirate’s Department of Municipalities and Transport.

Saadiyat Island was the most popular location among overseas investors, which attracted 34 percent of sales. This was followed by Yas Island (28 percent), Al Jurf (12 percent), Al Reem Island (11 percent) and Al Shamkha area (8 percent).