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Accelerated Construction in Al Reef 2
Abu Dhabi, UAE: Manazel Real Estate PJSC (”Manazel”), a leading UAE developer, announced the opening of the Al Reef 2 Showcase Villas to reveal the villa’s interior and exterior design aesthetics to potential buyers. The construction and sales progress of the project is going at a remarkable rate with around 90% of the development’s units being purchased since sales began in the fourth quarter of 2014. The company is offering competitive prices for the remaining villas, with flexible payment options, in line with Manazel’s objective of providing real estate options for the UAE’s middle income population.
Spread over approximately 464,000 square meters of land the Al Reef 2 residential community located in Al Samha is situated on the highway which conveniently provides access to the emirate of Abu Dhabi and Dubai. Al Reef 2 has an added advantage of being within proximity of landmarks such as Abu Dhabi International Airport, Yas Island, Dubai Parks, and Ibn Battuta Mall. Results are expected to be realized as the multi-staged project nears completion with full delivery of units to be concluded by August 2018.
Al Reef 2 project provides those seeking quality residential units and large spaces within an integrated complex a vibrant community at attractive prices. The development consists of four independent residential neighbourhoods spread over approximately 220 square meters each with its own high-quality facilities. Each neighbourhood will include a central hub offering community facilities and services such as recreational areas, swimming pools, mosques and public gardens in addition to the 4,000 square meter central retail area Al-Reef 2 Downtown which will include supermarkets, shopping and dining outlets. Manazel is currently assessing a number of options to partner with prominent retail brands, which are keen to be part of the Al Reef 2 community. The residential complex also includes a school with a capacity to service 1000 pre-primary and primary students and is expected to be constructed in accordance to the best modern academic standards and specifications.
The company intends to begin delivering units from December 2017 up until August 2018 in accordance with the planned schedule.
Commenting on this achievement H.E. Mohamed Al Qubaisi, Chairman of Manazel Real Estate, said:
“We are pleased with the significant speed and progress in the completion of the Al Reef 2 project as construction operations have accelerated to ensure that the project is delivered within the scheduled timeline. We are also pleased with our sales progress as the high percentage of units already being sold reflects positive investor confidence in the quality of Manazel’s services as a real estate developer. Considering Al Reef 2 development is a continuation of the success of our flagship project Al Reef 1, which now has approximately 17,000 residents, as a business we will continue to focus on providing quality housing”
He added: “The Company will continue to focus on growth whilst also diversifying its revenue streams from our commercial projects. I look forward to providing further updates as these projects progress.”
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About Manazel
Manazel Real Estate (MRE) is one of the UAE’s leading developers of quality homes for the country’s middle income segment of the population. Manazel, with a paid-in-capital of AED 2.5 billion, is a Sharia complaint real estate company listed on Abu Dhabi Securities Exchange (ADX) within the segment of Private Joint Stock Company. Through strategic investments spanning residential and commercial developments, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors.
For further information please visit our website www.manazel-re.com.
For further information please contact:
Enquiries:
Waleid Gamal Eldien
Chief Investment & Commercial Officer
Manazel Real Estate
Tel: +971 2 6444 466 Ext: 909
Email: investorrelations@manazel-re.ae
Media Contacts:
FTI Consulting
Email: Shane.dolan@fticonsulting.com
Tel: +971 4 437 2000
© Press Release 2016
