Abu Dhabi-listed Modon Holding said that Tara Park, a residential project on Reem Island, has been sold out, generating almost 2 billion UAE dirhams ($545 million) in sales. 

The sell-out reflects strong investor confidence and sustained demand, underscoring the emirate's growing position as a global safe-haven investment destination, the developer said in a statement.

Almost 60 percent of unit buyers came from international markets, with Russia, the United Kingdom, and India leading. Moreover, 85 percent were new buyers.

Tara Park comprises six residential towers with 834 apartments. A podium links the towers with Reem Mall.

The developer estimates the project handover for the early second quarter of 2030, according to its website.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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