|30 April, 2019

Abu Dhabi developer launches freehold waterfront apartments

Azure Al Reem occupies a waterfront location on the increasingly popular residential community of Al Reem island

Early morning view of Al Reem island from Abu Dhabi island, capital city of the United Arab Emirates. Image used for illustrative purpose.

Early morning view of Al Reem island from Abu Dhabi island, capital city of the United Arab Emirates. Image used for illustrative purpose.

Getty Images/ Richard Sharrocks

Masaood Developments, a part of the leading Abu Dhabi family-operated Al Masaood Group, has announced the launch of Azure Al Reem, a game-changing waterfront apartment complex on Al Reem island, Abu Dhabi.

The Azure Al Reem introduces the concept of home ownership to a new audience through a unique and flexible ‘easy to own’ affordable payment plan.

It will also be one of the first properties available for foreign freehold ownership, following Abu Dhabi’s recent legislative changes.

Azure Al Reem occupies a waterfront location on the increasingly popular residential community of Al Reem island, just a six-minute drive from Abu Dhabi Financial District and a 10-minute walk from Al Reem Central Park.

Aimed at encouraging aspirational professionals in Abu Dhabi to invest in real estate, Azure Al Reem offers property with deposits of only Dh50,000 or Dh70,000 ($13,610 or $19,054) and flexible monthly, quarterly or annual instalment options over 15 years, said a statement from Masaood Developments.

The building comprises 339 apartments across 29 floors, split into 226 one- and 113 two-bed premium units that benefit from panoramic waterfront views and balconies, a high-end gym, infinity pool, children’s pool and play area, sauna, large electric barbecue area, 24-hour concierge, on-site shops, cafes and car/bicycle parking facilities, it stated. Also included free of charge within all apartments are fully fitted branded white goods, it added.

Azure Al Reem is ‘ready to move in’ project, with potentially just eight weeks between initial discussions and unpacking in the newly-owned property.

"In fact, the payment plan does not require bank loan, with flexi payments made directly to Masaood Developments through direct debit, cheque or credit card," said a senior official.

"Azure Al Reem provides an opportunity for young professionals in Abu Dhabi to purchase their own property, with a deposit of just Dh50,000. Traditionally, it has taken many years for people to save for the necessary large down payments demanded by other developers or for bank mortgages," explained Ziad Abou Nasr, Manager of Masaood Developments.

"We have chosen to create a way of enabling a whole new market, allow individuals to stop renting and realise the dream of owning their own home," stated Nasr.

Masaood Developments has been working with leading real estate services provider, Savills, to provide expert analysis of the current Abu Dhabi marketplace, and they identified a shortage of affordable options, specifically aimed at younger clientele.

These individuals, couples and families have otherwise been unable to access the property ladder, which has inspired the Azure concept to empower a new wave of property owners through an accessible payment plan, he added.

Commenting on the launch, Edward Carnegy, the head of Abu Dhabi for Savills, said: "Affordability and innovative payment options are very important to the residential property market in Abu Dhabi. It allows people from a variety of backgrounds and occupations to bed roots in the capital and create a truly sustainable city where they can build their lives."

"We believe this new development is totally unique with its high quality offering and its affordability. It meets the real demand from the communities in the heart of our city, empowering millennials to switch from renting to owning," he added.

Katie Burnell is the head of sales for Azure Al Reem and is braced for a wave of interest.

"This is a unique development that is ideally suited to millennials, with spacious, light and luxurious apartments combined with incredible views and amenities," observed Burnell.

"For those wanting to live in a stunning waterfront property and stop wasting money on rent, this is a great investment opportunity. We expect the enquiry levels for Azure to be very high," she added.-TradeArabia News Service

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