A picture of success in Abu Dhabi as property developments take shape

One of the capital's most ambitious and large-scale property developments is fast taking shape.

The Saadiyat Beach Villas, priced between Dh6.5 million and Dh40m, are among the most expensive in the capital.

A morning stroll from the new beach villas on Saadiyat Island may grant residents a view of a Rembrandt, a Picasso and a rare Mesopotamian artefact if all goes to plan.

The Saadiyat Beach Villas, launched in 2008 and scheduled to start being handed over this year, are touted as some of the most luxurious in the capital. Located near the beach on Saadiyat Island, some will have sea views but all will have access to the island's amenities. These include golf courses, parks, retail areas and the three world-class museums under construction: the Louvre Abu Dhabi; the Guggenheim Abu Dhabi; and the Zayed National Museum.

The price tag? Anywhere from Dh6.5 million (US$1.7m) to Dh40m per villa - making them among the most expensive in the city.

"This is the top end of luxury," says James Pringle, the acting chief executive of the Tourism Development and Investment Company (TDIC), which is building the homes. "We are looking at building a whole range of homes on the island that are geared towards other income levels. It's about having a diverse population here on Saadiyat."

The first residents of the estimated $27 billion Saadiyat Island project could move in to the quiet streets of the Saadiyat Beach Villas by the end of this year. About two thirds of the villas have already been sold, according to TDIC.

A marketing effort is now under way to sell the remaining homes, as the island nears a milestone in having its first residents and guests. Two hotels - the St Regis Saadiyat Island Resort and the Dh1bn Park Hyatt Abu Dhabi - should be finished by the end of this year.

Now TDIC has established the broad framework for the island it is getting down to the detailed work of building individual projects.

In addition to the hotels and Saadiyat Beach Villas, TDIC is planning to complete the world's first Monte Carlo Beach Club outside Monaco in the third quarter of the year. It will offer an "exclusive membership-only experience", with restaurants and lounges, according to the company. More hotels are planned along the 9km of beach on the island.

Visitors have been able to travel to Saadiyat only for the past 18 months, after the Sheikh Khalifa Bridge opened between Mina Zayed and the island, allowing access to Abu Dhabi from two directions. Last year, TDIC opened the Manarat Al Saadiyat - an "experience centre" that showcases plans for the island but also serves as an interim exhibition centre for artwork and features a restaurant. Its current show is called Splendours of Mesopotamia.

Saadiyat is also scheduled to host the new campus of New York University Abu Dhabi within the next four years.

Mr Pringle says the Saadiyat project is more than just a new group of developments for Abu Dhabi.

"This is like standing at the Brooklyn Bridge on the Manhattan side and developing Brooklyn from scratch," he says. "This is a whole new extension of Abu Dhabi."

That has led international developers from London, Singapore and Paris to inquire about plots of land in the Cultural District on Saadiyat Island - a welcome sign considering TDIC has mostly been funding its projects with government funds and debt it raised on the capital markets. The company revealed last week it would seek another $bn in debt in the second half of this year or first quarter of next year.

"The talks we had started in 2008 and 2009 have gone somewhat quiet," Mr Pringle said last week. "Now there are new talks, with companies in Europe and Asia, that are progressing well."

The companies were interested in developing properties near the three museums. The result will be "unique on planet Earth", Mr Pringle said.

The cultural institutions will be renowned not just for the art and exhibits inside, but for the buildings themselves. The Louvre Abu Dhabi was designed by the French architect Jean Nouvel, and includes a planned "rain of light" feature produced by using holes in the roof of the dome. The Guggenheim Abu Dhabi is an abstract conglomeration of shapes designed by the Canadian-born US architect Frank Gehry. The Zayed National Museum was designed by the British architect Lord Norman Foster to resemble the feathers of a falcon.

The museums and other planned cultural institutions will be the anchors of the Saadiyat Cultural District that will also include boutique hotels, retail and high-end homes, according to TDIC's plans.

"Interest has gone up about 100 per cent in the last month," Mr Pringle says. "People realise Abu Dhabi is a commercial hub in the GCC. On the island, there are going to be a lot of opportunities for new projects."